This paper attempts to explore a seasonal pattern, the Ramadhan effect, in the Pakistani equity market. Ramadhan, the holy month of fasting, is expected to affect the behaviour of stock market in Pakistan where the environment in Ramadhan is different from other months as people devote more time...

This paper re-examines the causal relationship between stock prices and the variables representing the real sector of the Pakistani economy. Using annual data from 1959/60 to 2004/05, examining the stochastic properties of the variables used in the analysis, and taking care of the shifts in the...

In this paper we present arguments for increasing expenditure on the education sector. We show that there exist large inequalities in the distribution of education servicesacross regions and across genders so that ensuring equal opportunity for all in education, either for normative or economic...

This paper re-examines the causal relationship between money and income and between money and prices in Pakistan using a longer annual data set from 1949–50 to 1998–99 and employing Granger causality and Error Correction Models. We also investigate the causal relationships through trivariate...

Since the early 1990s, there is an upsurge in foreign capital flows to developing economies, particularly into emerging markets. One view argues that capital inflows do help to increase efficiency, a better allocation of capital and to fill up the investment-saving gap. Adherents to that view...

This study extends the analysis of causality by Husain and Rashid(2006) by taking care of the shift in the variables due to the price hikes in the early 1970s. We investigate the causal relations between real money and real income, between nominal money and nominal income, and between nominal...

This study attempts to conduct an investigation of the characteristics of the South Asian stock markets including the effects of the opening of these markets. These markets were liberalised in early 1990s as a part of the economic reforms started in theSouth Asian region about two decadesago....

The paper investigates the relation between expenditures and revenues of the federal government of Pakistan for the period 1978-79 to 2008-09 using the Toda and Yamamoto (1995) methodology. The results show that there is a unidirectional causality from expenditures to revenues. The results...