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Most of the developing nations are still struggling for efficient use of their resources. In order to overcome physical and administrative constraints of the development, it is necessary to transfer the power from the central government to local authorities. Distribution of power from improves the management of resources and community participation which is considered key to sustainable development. Advocates of decentralization argue that decentralized government is source to improve community participation in rural development. Decentralized government is considered more responsive towards local needs and development of poor peoples. There are many obstacles to expand the citizen participation in rural areas. There are many approaches for participatory development but all have to face the same challenges. Current paper highlights the literature about Decentralization and participatory rural development. Concept and modalities of Decentralization, dimensions of participation, types of rural participation and obstacles to participation are also the part of this paper

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Purpose -The main purpose of this study is to investigate the remodeling of risk management, risk-averse mechanism and the importance of Basel-III framework to cope with the current financial challenges in the regime of post global financial crises of 2008-2011 by evidences in the banking sectors of emerging economies of Bahrain, the UAE and Pakistan. Design/methodology/approach -To ensure deep understanding in this cross-cultural study, two fold data collection techniques are used; one through distribution of questionnaires to relevant staff members and second through personal interviews of selected risk officials. Respondents are selected on the basis of minimum five years banking experience and relevant professional education of finance or risk management. Multistage sampling technique is used for data collection. To ensure the consistency from respondents, personal interviews were conducted with an interval of six months after receipt of questionnaires. Various statistical and econometric techniques were used to test the study hypotheses and to satisfy the study objectives. Findings -Based on statistical analysis and personal surveys, research findings concluded that banking sectors of study-countries have deep concern with potential risk challenges and they are in continuous process to improve risk measurement framework in accordance with the latest regulatory obligations. All three types of banks have clear understanding of RM practices and strong relationship is observed between predictors and endogenous variables. Respondent banks of study-countries have deep attentiveness to manage all key risks and they recommend to transform existing regulatory framework including Basel-III reforms to develop a more comprehensive "one-size-fits-all" regulatory framework to cover loopholes of existing financial system. Research limitations/implications -This study is limited to the findings of remodeling of risk management to cope with the new financial challenges for the banking sector. Empirical investigation is conducted in emerging economies of the sub-continent and gulf and evidences are obtained from the UAE, Bahrain and Pakistan. Following this research model, future research can be extended to enlarge the sample size, by including other regional countries or a comparison between eastern and western countries to make it more useful to understand the risk management strategies, minimize banking default risks and to make this significant economic sector more strengthen. Practical implications -Respondent countries of this study are fast growing and emerging economies of the sub-continent and gulf. Results of this cross-cultural study are likely to be beneficial for credit analysts, bankers and academic researchers. Findings are also beneficial for local and international business investors while they are taking prudent investment decisions in respective capital markets. Originality/value -This is the first comparative study to empirically investigate the RM practices and risk-averse mechanism in banking sectors of ...

Vizja Press&IT www.ce.vizja.pl 33The discourse of governance and development practitioners continues to embrace community participation and community empowerment as an elementary means of building local capacity for poverty reduction, development and change at the local level. This article is a review of the decentralization initiatives of local government systems after the announcement of the devolution plan in Pakistan. It evaluates the initiatives' participatory methods to ascertain the extent to which they have improved the process of community development at the local level. This article also measures the impact of community empowerment on the sustainability of community-driven projects implemented under the decentralization initiative through community-based organizations known as Citizen Community Boards (CCBs). Document analysis and literature review methodologies were employed to gain further insight into the decentralization phenomenon in Pakistan. The results describe human development, improvements in community empowerment and the sustainability of local projects; however, the sense of community has yet to be translated into shared benefits for rural communities. The fundamental goal of decentralization seems to be elusive because only power was transferred to the local level, whereas there is little support for community capacity building and community access to resources and the elites still control the electoral process. It is argued that community development initiatives in Pakistan require continuous support from local governments to boost local rural economies. Likewise, community-local government participatory development strategies can lead to strong local ownership and empowerment in rural communities. ABSTRACTH7

Abstract-The aim of this research is to give brief overview and introduction of community participation and Decentralization initiatives in Pakistan. Decentralized governmental system provides more room for community to participate and decides in collective manner for self improvement. History of Community development projects, structure of government before and after Decentralization, importance of collective action and government seven point agenda is part of this paper. Data was collected from 7 union councils of District Abbottabad of Khyber Paktunkhawa through questionnaire using stratified random sampling technique. Results reveals that Community based projects are more sustainable than that of projects implemented by local government.