In the last decade, Pakistan's external debt obligations have risen to an unprecedented level. T~s is despite the fact that the country had been able to borrow on concessional terms from international organizations and foreign governments unlike many other developing countries. The situation has...

In recent years, remittances, especially from the Middle East (ME), have become an important source of foreign exchange earnings for Pakistan. The absolute amount of these remittances, over the last several years, have been so large, that they were bound to have a significant impact on the...

This paper analyses impacts of unilateral income and capital transfers on welfare and terms of trade of the recipient and donor countries within a two-country framework. Introduction of the external economies of scale, helps in explicitly incorporating the differences in factor endowment between...

Economic growth is one of the most important objectives of development policy in almost every country. It depends on the historical accumulation of primary factors of production, e.g. labour and capital, and on technological progress and a combination of socio-political and institutional...