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Abstract:The present study investigates the determinants of life expectancy in the presence of economic misery using Pakistan's time series data over the period of 1972-2012. The stationary properties of the variables are examined by applying unit root test accommodating structural breaks. The ARDL bounds testing approach to cointegration is applied to examine the long run relationship between the variables. Our findings show that cointegration between the variables is confirmed. Moreover, health spending improves life expectancy. Food supply contributes to life expectancy. A rise in economic misery deteriorates life expectancy. Urbanization enhances life expectancy while illiteracy declines it. The causality analysis reveals that life expectancy is Granger cause of health spending, food supply, economic misery, urbanization and illiteracy. This paper opens up new insights for policy making authorities to consider the role of economic misery while formulating comprehensive economic policy to improve life expectancy in Pakistan.

Pricing is a central strategic decision for all companies, and is particularly sensitive for social enterprises with both financial and social objectives. High interest rates in microfinance are a topic of intense debate. Using an original database of 291 MFIs, this paper provides empirical evidence of the impact the efficiency of an MFI has on its microcredit interest rate. We use the non‐parametric Data Envelopment Analysis (DEA) framework to calculate efficiency and differentiate financial and social efficiency. The results show that financial efficiency has a positive impact on interest rates, with more financially efficient MFIs having lower interest rates, while social efficiency has no impact on microcredit interest rates.

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The current study contributes to the existing literature on the relationship between corporate governance (CG) and social performance (SP) of microfinance institutions (MFIs) by introducing CG index for the first time purely in the perspective of Asian MFIs. Moreover, this research also investigates the existence of endogeneity by checking the reverse causality between CG and SP as many previous studies highlighted the endogenous nature of many governance and performance variables. Using a panel of 173 MFIs in 18 Asian countries for the period of 5 years, a comprehensive CG index (CGI) based on seven internal governance mechanism variables is constructed as an indicator of the overall CG mechanism of MFIs. By employing generalized least squares (GLS) model, our results indicate insignificant impact of CG on many SP variables which are attributed to the endogenous nature of this relationship as the significance of results improved by studying relationship in reverse direction by employing ordered logit model. Our results indicate that SP is an important determinant of CG mechanism of MFIs even after controlling for MFI-related characteristics.

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Purpose This paper aims to empirically examine the trade creation and diversion impacts on merchandise imports of Pakistan under the Pakistan–China Free Trade Agreement (FTA). The analysis of Pakistan’s preferential treatment with its largest trade partner as well as the most substantial exporter of the world will help to shape trade policy, open windows for academic research and also gives an immense contribution in literature. Design/methodology/approach A disaggregated panel data on the imports of Pakistan from China and other WTO member countries and tariff concessions at Harmonized System (HS) two-digit level used for the agreement period of 2006-2012. The empirical analysis takes care of bias through robust and panel-corrected standard errors with time, industry-specific effects and controlling for multilateral trade resistance. Findings Evidence found in support of trade creation under the Pakistan–China FTA. It means overall this agreement increased the welfare of Pakistani consumers. Practical implications Findings are in favour of negotiations and signing for the next round of this agreement and with other major trade partners like the US and Saudi Arabia. Originality/value It is worth investigating empirically the impact of preferential trade liberalization between Pakistan – a developing country – and China – the largest importer of the world – explicitly, in the form of trade creation or diversion. The empirical assessment of this FTA signed with the world’s largest exporter will not only contribute immensely to the literature but also help in trade policy formulation and open windows for academic research. Another unique aspect of this study is the use of disaggregated data consisting of all goods imports along with tariff concessions at two-digit Harmonized System (HS) code.