Suchergebnisse

A sound fiscal policy is important to promote price stability
and sustain growth in output and employment. Fiscal policy is regarded
as an instrument that can be used to lessen short-run fluctuations in
output and employment in many debates of macroeconomic policy. It can
also be used to bring the economy to its potential level. If
policymakers understand the relationship between government expenditure
and government revenue, continuous government deficits can be prevented.
Hence the relationship between government expenditure and government
revenue has attracted significant interest. This is due to the fact that
the relationship between government revenue and expenditure has an
impact on the budget deficit. The causal relationship between government
revenue and expenditure has remained an empirically debatable issue in
the field of public finance. The question of which variable takes
precedence over the other has been a central issue to this
debate.

Previous studies in Pakistan have established the number of pupil, parents, household, and community characteristics as determinants of primary school enrolment. However, treatment of the role of the household power structure in these studies is limited to the inclusion of a single dummy variable for female headship. Present study estimates separate probit regressions for different types of headships, hence allowing for an analysis of the power structure of the household and its impact on other explanatory variables. In addition to confirming the findings of previous studies, this study concludes that mother's headship results in greater positive influence of her own education and the economic status of the household on child's primary school enrolment. Father's headship in this regard has only limited influence. JEL Classification: C25, J16, I21 Keywords: Probit Models, School Enrolment, Gender Issues

The present study aims to investigate the various request constructions used in Classical Arabic and Modern Arabic language by identifying the differences in their usage in these two different genres. Also, the study attempts to trace the cases of felicitous and infelicitous requests in the Arabic language. Methodologically, the current study employs a web-based corpus tool (Sketch Engine) to analyze different corpora: the first one is Classical Arabic, represented by King Saud University Corpus of Classical Arabic, while the second is The Arabic Web Corpus "arTenTen" representing Modern Arabic. To do so, the study relies on felicity conditions to qualitatively interpret the quantitative data, i.e., following a mixed mode method. The findings of the present study show that request constructions vary in terms of occurrence between Classical Arabic and Modern Arabic. In Classical Arabic, (/laa/ لا) of prohibition is the most frequent construction, which is rarely used in the Web corpus where the command in the form of (/lam/لام + verb) is the most commonly emerging one, which is, in turn, seldom employed in the former corpus. The vocative (/ya/ يا) is the second most frequent construction in Classical Arabic, whilst the interrogative (/hel/ هل) emerged in the other genre. The third most common request construction is the interrogative (/hel/ هل) in Classical Arabic, but the vocative (/ya/ يا) is used in Modern Arabic. Nonetheless, some of these constructions fail to accomplish two or more conditions and hence are regarded as infelicitous requests. Such infelicitous constructions serve other functions than requests, such as negation, exclamation, and sarcasm.

The term fiscal responsibility in financial dictionary is
defined as "A balanced budget". That is a budget wherein expenditures
during a given period of time equal to revenues. The fiscal
responsibility also includes a budget in which revenue is greater than
the expenditures. Fiscal responsibility is achievable and most of the
individuals in their private life practice fiscal responsibility. At
individual level everybody knows that they have to live within the
budget and usually they do not overspend. Usually overspending by
individual results in bad crediting rating which one receives from their
creditors due to non-payments or late payments of installments and thus
denies future benefits to the person concern. Fiscal responsibility at
national level implies that a government has a balanced budget and has
sufficient revenue to pay for its all expenditures. There would be no
overspending if government had a true balanced budget in each period.
The economic future of a nation largely depends on the way fiscal
responsibility is practiced. There is a direct link between budget
deficit today and what nation can enjoy in future. Fiscal responsibility
is crucial for a nation to remain prosperous and stronger in future.
Fiscal responsibility will also determine what kind of future we are
leaving to our children and grandchildren for the next 20 years and
beyond. If the fiscal responsibility is not practiced the government
would spend more money than its income and it borrows for the
difference. If the money borrowed come from domestic savings or from
domestic lenders the economy will have less money available for capital
investment and future productivity growth rates and levels would be
lower. If on the other hand deficit is financed by foreign
organisation/country the country will be indebted with growing debt to
the rest of the world, with growing interest costs which must be served
every year. If we rely more on foreign sources to finance the resource
gap the foreign ownership of our resources would grow and so has our
dependences on the actions of foreign governments and
investors.

The equity market plays an important role in the economic
development of a country. However, in Pakistan the equity market has not
played its due role because of interventionist economic policies and
over reliance on debt financing. It was not until the middle of 1980s
that thc importance of the equity market was recognised and steps were
taken to activate thc market. However. the market actually became active
in the beginning of 1991 when it was opened to foreign investors.
besides other liberalisation measures. Since then tbe market bas made
considerable progress and improved in size and depth. This paper reviews
the performance of the Pakistani equity market in the background of
Pakistan's'Go!den Jubilee programme. The information was collected li'om
thc Corporate Law Authority (the regulatory body), the State Bank of
Pakistan (the central bank). and International Finance Corporation (a
branch of the World Bank). The paper shows that the Pakistani equity
markct gained momentum in the 1960s and made significant progrcss in
listings and market capitalisation. However. the market lost its
momentum in the 1970, due to political turmoil in the country and the
nationalisation policies adopted by the then government. Though the
policy of greater reliance on private enterplise restored the markct
scntiments in the 1980s, the market actually regained its momcntum in
early 1990s when it was opened to international investors. [n terms of
its performance. the market was ranked third in 1991 among the emerging
markets. Unfortunately, the market could not maintain its peIi'ormance
in later years because of economic and political instability. A series
of political changes in the country, cthnic vio[ence in Karachi,
increasing inllation and unemployment rates, widening budget delicits,
etc., proved to be detrimental to business activities.

In pursuit of its labour welfare policy and to provide
protection against certain contingencies, the government plays a crucial
role in introducing and encouraging the payment of fringe benefits.l The
proportion of total remunerations which make up fringe benefits is
influenced by preferential treatment under income tax laws.2 For
example, social security and employee's old-age benefits schemes are
financed, respectively, t~ough contributions by the employers at 7
percent and 5 percent of the wages of secured workers. These expenses
are reduced if an employer pays more in the form of fringe benefits than
wages. Some other gains, including reduction in labour turnover,
increase in labour productivity and creation of a favourable public
image of the enterprise encourage employers to offer fringe benefits
rather than wages. On the other hand, interests of labour unions are to
protect or to get an increase in thcic total pay package. Workers will
prefer fringe benefits if, with their introduction, net income rises and
savings are made by group purchases of some benefits. Thus, these
benefits affect decision of labour supply and demand, and enhance
welfare.

Besides fiscal policy, monetary policy is designed to attain
sustained economic growth and to contain inflation within manageable
limits. Usually monetary policy is pursued through variations in money
supply in accordance with the requirement of output level and employment
on one hand and price stability on the other. In Pakistan monetary
policy is formulated to control total monetary assets keeping in view
the projected growth rate of GDP, monetisation of the economy and the
likely surplus or deficit in the country's international account. Once
the safe limit of total monetary assets is determined it is then
realised through different indirect measures, namely, the liquidity
ratio, reserve requirements and the bank rate. l?rior to 1972 credit was
controlled by these indirect measures. However, the separation of the
Eastern wing and the two oil shocks of the early 1970's indicated the
shortcomings of indirect methods when they failed to cope with the new
situation. The open market operation could not be materialised due to
marginal or nominal demand of government securities. The credit
budgeting measure was introduced in 1972, replacing the old one, wherein
the principal instrument is the credit ceiling for the commercial banks
and they are bound to allocate credit to the priority sectors as
determined by the government. Credit budgeting has proved to be an
effective instrument of monetary policy both as a means of providing
necessary funds for the development process and for curbing the
increasing trends in prices. The credit ceiling with· its beneficial
effects also has some adverse effects for example, commercial banks have
little incentive in mobilising deposits, and their ability to respond to
demand becomes extremely limited. The response of the public and
commercial banks, to a certain extent, depend upon the credit ceilings
determined by the monetary authority.

Without generating high growth rates of national income, a
country cannot make a sustained attack on poverty, unemployment, and
other economic problems. Developing countries have, generally, pursued
the goal of rapid economic growth with the help of industrialisation. In
this regard, an optimal structure of the industries enables a country to
experience 'sustainable' economic growth. Countries adopt various trade
strategies to allocate resources to their optimal use in order to
exploit their industrial potential. Developing countries, including
Pakistan, have adopted the import -substituting (IS) trade strategy to
foster industrialisation.1 But the disillusionment with the IS strategy
and its results is increasing over time. Contributing to this trend is
the remarkable increases in growth rates by many countries that have
shifted to an export-promoting (EP) trade strategy. At the same time
came a fundamental question of the adequacy of economic growth itself.
That is to what extent the economic growth under the IS strategy has
given rise to the unfavourable results with respect to employment,
capital accumulation, and income distribution. Analysis of these effects
presents a tall order and we do not go that far in their evaluation. In
this study we restrict ourselves to the question how various trade
regimes are related with savings. The nature of this relation is
somewhat complex.

A notable development in recent years in Pakistan's economic
scene has been the sharp pickup in the rate of inflation. In particular,
Pakistan has experienced sustained intlation (changes in the CPI)
hovering between 11.0 to 13.0 percent range during the last three years
(1993-94 to 1995-96). The persistence of inflation at double-digit rates
over the three successive years has attracted considerable attention of
academics and policy-makers. Not surprisingly, one of the thorniest
issues in Pakistan's policy arena today is how to put inflation under
effective control.Recent studies on inflation in Pakistan I broadly
agree on the key factors influencing the rate of inflation, namely, the
growth in money supply, the supply side bottlenecks, the adjustment in
government-administered prices, the imported inflation (exchange rate
adjustment), escalations in indirect taxes, and inflationary
expectations. However, these studies do not concur on the relative
importance of each of these factors as determinants of inflation. While
Nasim (1995) and Hossain (1990) find money supply as the principal
factors underlying the rising inflation rate in Pakistan, others suggest
that food prices followed by government administered fueVenergy prices
and indirect taxation are the primary impetus for the upward
inflationary spira1.2 In fact, Naqvi et al. (1994); Hasan et at. (1995)
and Bilquees (1988) accord relatively less importance to money supply as
a factor influencing the rate of inflation but in no way recommend a
relatively easy monetary policy.

Achieving economic growth is an important goal of any country.
However, in recent years it has increasingly been realised that economic
growth is a necessary but not a sufficient condition for human
development. Pakistan provides a good example of a country which has
historically enjoyed a respectable GDP growth rate and yet failed to
translate this positive development into a satisfactory level of human
development. Since its independence in 1947, Pakistan's development
policies have focused primarily on realising high economic growth and
only incidentally on the task of providing social necessities. Such a
process has given rise to a structure of production and distribution
which has been only indirectly responsive to social goals. However,
there is now a growing realisation that we could have done much better
had we stressed human resource investments relatively more. The
Education For All (EFA) movement, started more than a decade ago in
1990, accelerated the process of human resource development in many
developing countries. The EFA refers to the global commitment to ensure
that all children would complete Primary Education of good quality. A
decade after, the Millennium Declaration resolved to ensure, by 2015,
that all children would be able to complete a course of primary
education.

The paper aims to review the growth performance of Pakistan's
agriculture from 1950 to 1995. The long-term growth rate of agriculture,
although respectable, has exhibited considerable yearly fluctuations
even between decades. The period of the fifties and early seventies
lacked any growth. Accelerating and high growth rates marked the decade
of the sixties but the performance has not been satisfactory since
1979-80 and average growth rates have barely exceeded the population
growth rate, with widespread implications for growth of national
economy, food security, and social welfare of the masses. Area, modern
inputs, and technology have been the major determinants of growth but
prices were equally important because of their incentive and
disincentive effects. The agriculture price policies adopted during the
1980s are known to have had a negative effect on the development and use
of technology in agriculture. In order to boost agricultural
productivity, a change in price policy is needed to ensure incentive
prices. This could be done by setting agricultural commodity prices at
par with corresponding import and export parity prices. A higher
investment in research and development can hardly be overemphasised.
There is an urgent need to remove the bottlenecks in agricultural input
markets since these markets represent the typical monopoly position. To
break up the monopoly of registered dealers and to promote competition,
free sales in the open market by interested parties and individuals may
be allowed.