The purpose of this study was to analyze the irregular pattern of changing inflation as a result of the pass-through of the exchange rate and fluctuations in oil prices in the current globalization scenario. We used annual data sets for crude oil prices, real effective exchange rates, and inflation in Pakistan from 1972 to 2021 for the analysis. The control variables used in the current study were imports (IMP), gross domestic product per capita (GDP), exports (EXP), globalization (GLOB), and interest rates (CRATE). Our findings from a non-linear autoregressive distributed lag (NARDL) analysis showed that inflation had an asymmetric rocket and feather pattern regardless of how globalization was defined or measured. On the other hand, GDP, EXP, and GLOB negatively impacted inflation, and CRATE and IMP had positive effects on inflation. Our study suggested that alternative policies, such as fixing the exchange rate, might decrease uncertainty and stabilize the Pakistani economy in the future. Moreover, increasing the use of sustainable energy would reduce the dependence of the economy on oil prices, which would lower its impact on the economy.
Prior research on entrepreneurship has identified social, demographic and economic variables that contribute to an individual propensity to engage in entrepreneurial activities (Fairlie, 2005). In this paper, we propose to study the relationship between Entrepreneurial Orientation (EO) and Entrepreneurial Firm Creation (FC) of the Nascent Entrepreneurs. We argue that Entrepreneurial Orientation in and of itself will not lead to Firm Creation. We posit that the Nascent Entrepreneur (NE) takes calculated risks, as clearly indicated in the literature. This paper goes beyond the extant literature and examines the individuals who enter business as an independent agent. We also assess the role of social capital (SC) in the relationship between Entrepreneurial Orientation and firm creation. Using a logistic regression model and interaction analyses, it appears that Entrepreneurial Orientation by itself is not sufficient to lead to Firm Creation. Market Intelligence Gathering (MIG) continues to be a critical variable. Our results clearly indicate that the Nascent Entrepreneur takes a calculated risk. We also find moderating or potentially mediating effects of other variables on the process of firm creation.
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