The Growth and Employment Impacts of the 2008 Global Financial Crisis on Pakistan

Haq, Mirajul; Khan, Karim; Parveen, Ayesha

doi:10.35536/lje.2014.v19.i2.a5

Cited by 4 publications

(3 citation statements)

References 9 publications

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“…Stock prices have also decreased in addition to foreign exchange reserves, triggering the exchange rate depreciation. After this crisis, global demand as well as domestic demand has also decreased causing adverse export demand (Haq, Khan, & Parveen, 2014).…”

Section: Introductionmentioning

confidence: 99%

Contribution of International Trade in Human Development of Pakistan

Jawaid

Waheed

2017

Global Business Review

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Very few studies have attempted to examine the relationship between international trade and human development. Some panel and cross-section studies have been done, but mostly Pakistan has not been included. This study examines for the first time ever the effect of aggregate and disaggregate trade on human development in Pakistan by using annual time series data from 1980 to 2013. This study contains five models in which human development with (a) total trade, (b) aggregate exports, (c) aggregate imports, (d) exports of primary commodities, semi-manufactured goods and manufactured goods and (e) imports of consumer goods, imports of capital goods, industrial raw material of consumer goods and industrial raw material for capital goods is considered. Cointegration test has been applied to check the long-run relationship between human development and trade. Sensitivity analysis confirms that initial results are robust. Causality analysis has also been done for the causal relationship between international trade and human development.

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Section: Introductionmentioning

confidence: 99%

Contribution of International Trade in Human Development of Pakistan

Jawaid

Waheed

2017

Global Business Review

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“…GFC, the Sovereign debt crisis, the Oil price crash, and the COVID-19 crisis. The empirical evidence on the impact of GFC on the economy of Pakistan is provided by (Haq et al, 2014;Javed et al, 2021) among others. They conclude that the economy of Pakistan witnessed low growth, declining exports and foreign reserves, trade deficit, high inflation, and high unemployment.…”

Section: Methodology Samplementioning

confidence: 99%

A Systemic Contribution and Vulnerability of Non-financial Firms: A Cross Industry Analysis

Azam,

Raheman,

Rashid

2023

NIJBM

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This paper quantifies the systemic importance of non-financial firms by assessing their contribution and vulnerability to systemic shocks. We apply two firm-specific measures, namely Delta CoVaR (ΔCoVaR) and Marginal Expected Shortfall (MES), to evaluate the systemic risk of 205 non-financial firms listed on the Pakistan Stock Exchange over the period from 2005-2021. We apply quantile regression methodology to quantify (ΔCoVaR). We confirm that a significant number of firms contribute to both system-wide shocks and are vulnerable to systemic risk of the whole system. We find that firms with a high-risk score in one area are not always high-risk in another. Measures of systemic risk vary significantly across time, between firms and industries. Energy and transport industries are top contributors to systemic risk however, tobacco and pharmaceuticals are among the top industries that are vulnerable to systemic risk of the whole system. We conclude that non-financial firms are systemically important and this risk should be mitigated. This research offers significant insights for policymakers and other relevant stakeholders both domestically and internationally. It aims to help policymakers examine their macro-prudential policy, which now solely takes into account financial firms, to limit the risk that can spread throughout the entire system.

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“…Decline economic activities along with trade deficits made it hard for SMEs to sustain and resulting an increase in unemployment (Shaikh et al, 2011; Syed et al, 2012). Haq et al (2014) show the decline in employment by six per cent during 2007–11 due to GFC. Further, decline in FDI and workers' remittances due to GFC and GCC lowered the domestic saving rate, creating insufficient funds which further increase overall poverty and slowdown the growth process (Ahmed and O'Donoghue, 2010; Azam et al, 2011; Raza, 2015; Raza et al, 2018).…”

Section: Introductionmentioning

confidence: 99%

How the Global and Gulf Financial Crises Affected Pakistan: Ten‐year Review⁰

Javed

Shaukat

Ahmad

2020

International Migration

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We show that the impact of global financial crisis (GFC) on Pakistan's economy mainly transmitted through Gulf Financial Crisis (GCC). In this regard, we assess the effects of both the global and Gulf financial crises on remittances, workers' emigration, return migration, national savings and foreign investment. Applying Exploratory Data Analysis (EDA) before (2000–07) and after GFC (2008–18), we demonstrate that Pakistan witnessed remarkably low FDI inflows and labour force emigration along with higher return migration rates after the crises. Investment from the UAE and other Gulf countries declined eightfold immediate after the global financial crisis, contributing considerably to the decline of the country's GDP growth during 2008–10. There was significant curtailment in emigration volumes and spurts in return migration after 2012, because of the Gulf oil price crisis. The positive trend in remittances until 2015 seems to be influenced by post‐9/11 anti‐money laundering legislation and depreciation of the rupee.

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The Growth and Employment Impacts of the 2008 Global Financial Crisis on Pakistan

Cited by 4 publications

References 9 publications

Contribution of International Trade in Human Development of Pakistan

Contribution of International Trade in Human Development of Pakistan

A Systemic Contribution and Vulnerability of Non-financial Firms: A Cross Industry Analysis

How the Global and Gulf Financial Crises Affected Pakistan: Ten‐year Review⁰

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The Growth and Employment Impacts of the 2008 Global Financial Crisis on Pakistan

Cited by 4 publications

References 9 publications

Contribution of International Trade in Human Development of Pakistan

Contribution of International Trade in Human Development of Pakistan

A Systemic Contribution and Vulnerability of Non-financial Firms: A Cross Industry Analysis

How the Global and Gulf Financial Crises Affected Pakistan: Ten‐year Review0

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Product

Resources

About

How the Global and Gulf Financial Crises Affected Pakistan: Ten‐year Review⁰