Empirical Economic Review https://ojs.umt.edu.pk/index.php/eer <p style="text-align: justify;">Empirical Economic Review (EER) is a multidisciplinary journal published by the Department of Economics and Statistics, Dr Hasan Murad School of Management (HSM), University of Management and Technology (UMT) Press, Lahore, Pakistan. EER brings forward the prevailing topics in the fields of economics, finance and public policy simulating a thought-provoking debate leading to an insight of theoretical and empirical research. Within this orientation, the journal provides a focus for theoretical, applied, interdisciplinary, history of thought, and methodological work with a strong emphasis on realistic analysis, the development of critical perspectives, the provision, and use of empirical evidence and construction of policy.</p> en-US <p style="text-align: justify;">EER follow an open-access publishing policy and the full text of all the articles is available free, immediately upon acceptance. Articles are published and distributed under the terms of the <a href="http://creativecommons.org/licenses/by/4.0">Creative Commons Attribution 4.0 International License</a>. Thus, work submitted to EER implies that it is original, unpublished work of the authors; neither published previously nor accepted/under consideration for publication elsewhere.&nbsp;On acceptance of a manuscript for publication, the corresponding author on the behalf of all co-authors of the manuscript will to sign and submit a completed Copyright and Author Consent Form.</p> <p style="text-align: justify;">The authors will be responsible for any information written/informed/reported in the submitted manuscript. Although we do not require authors to submit the data collection documents and coded sheets used to do quantitative or qualitative analysis, we may request it at any time during the publication process, including after the article has been published. It is the author's responsibility to obtain signed permission from the copyright holder to use and reproduce text, illustrations, tables, etc., published previously in other journals, electronic or print media.</p> <p style="text-align: justify;">Conflict of interest statements will be published at the end of the article. If no conflict of interest exists, the following sentence will be used: "The authors declare no conflict of interest." Authors are required to disclose any sponsorship or funding received from any institution relating to their research. The editor(s) will determine what disclosures, if any, should be available to the readers.</p> <p style="text-align: justify;">Authors are not permitted to post the work on any website/blog/forum/board or at any other place, by any means, from the time such work is submitted to UMT journals until the final decision on the paper has been given to them. In case a paper is accepted for publication, the authors may not post the work in its entirety on any website/blog/forum/board or at any other place, by any means, till the paper is published in UMT Journals.</p> <p style="text-align: justify;">The authors may, however, post the title, author’s names and their affiliations and abstract, with the following statement on the first page of the paper - "The manuscript has been accepted for publication in UMT Journals". After the publication of the article, it may be posted anywhere with full journal citation included and it is encouraged by EER to do relevant efforts for dissemination of research.</p> <p style="text-align: justify;">All articles published in UMT journals are open-access articles, published and distributed under the terms of the Creative Commons Attribution 4.0 International License, which permits reproduction, distribution, derives and commercial use, provided the original work is properly cited and authors and the publisher is properly identified.</p> <p style="text-align: justify;">All authors who send their manuscripts to UMT Journals and whose articles are published will retain full copyright of their articles. Notwithstanding this, the author(s) grant UMT Journal(s), its editors, publishers, owners and other persons associated and other users/readers, a license to use the article as described in the License Agreement section below. In the future, UMT may reproduce printed copies of articles in any form. Without prejudice to the terms of the license given below, we reserve the right to reproduce the author's articles in this way.</p> <p style="text-align: justify;"><strong>Licencing Agreement</strong></p> <p style="text-align: justify;">The EER follows the licensing agreements by Creative Common Attribution 4.0, which indicates that:</p> <p style="text-align: justify;"><strong>Share -</strong>copy and redistribute the material in any medium or format</p> <p style="text-align: justify;"><strong>Adapt- </strong>remix, transform, and build upon the material for any purpose, even commercially.</p> <p style="text-align: justify;"><strong>Author E-prints</strong></p> <p style="text-align: justify;">UMT supports a range of author benefit policies with respect to providing authors with an e-print and the opportunity to purchase offprints. E-prints are sent out automatically to the corresponding authors of articles published ahead of print and in print issues. A link is provided allowing the author to download the article directly from the UMT journals website and forward the link onto their co-authors. Please refer to the manuscript submission guidelines for the policy of the journal in which you are interested in submitting or publishing your article.&nbsp;</p> chiefeditor.eer@umt.edu.pk (Dr Hafeez-ur-Rehman) editorasst.eer@umt.edu.pk (Miral Maryam) Fri, 30 Jun 2023 00:00:00 +0000 OJS http://blogs.law.harvard.edu/tech/rss 60 Pakistan’s Trade Policies, Non-Tariff Measures and Concerns Of Stakeholders https://ojs.umt.edu.pk/index.php/eer/article/view/1516 <p><em>Pakistan can increase its exports by 12 billion dollars till 2024 if integration with international market is improved, and strong linkages are developed among value chains </em><em>(ITC, 2020)</em><em>. But this potential development is facing impediments due to transparency issues, imposition of non-tariff measures, ambiguous regulations at home and lack of information among both importers and exporters. This paper is dedicated to the discussion of Pakistan’s trade policies, tariff structure, rules governing non-tariff measures, and discussion about the concerns of business community and other stakeholders on NTMs. Application of NTMs in Pakistan, and their shortcomings are also discussed in detail. Then based on these discussions some recommendations are forwarded. Study shows that most of the hurdles faced by traders are home borne. If regulations are made easier at home and mutual recognition of standards is acquired with partner countries, then across the border trade can become much easier.</em></p> Hamid Haroon Ur Rashid, Muhammad Aamir Khan, Attiya Yasmin Javid ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 https://ojs.umt.edu.pk/index.php/eer/article/view/1516 Fri, 30 Jun 2023 00:00:00 +0000 Testing for homogenous or heterogenous doers in Longitudinal latent class regression framework https://ojs.umt.edu.pk/index.php/eer/article/view/1584 <p>Latent class regression analysis is applied in context of conditional and unconditional analysis. The empirical analysis is conducted in novel way for exploratory and confirmatory perspective utilizing longitudinal British household data of Understanding society. The study aims to explore the profile differences for subjective satisfaction towards work and confirms the absence of differential effects of job-related variables across the explored broad classes of satisfied and non satisfied job doers. For further insights into behaviour of selected classes, conditional models are employed. Step 3 approach is utilized in this regard for investigating the contribution of background variables such as gender, age, occupation and quality of life for shaping their response of being satisfied or non satisfied with their jobs. This study overall tests and confirms the absence of heterogenous triggers for job satisfaction in British society.</p> <p><strong>&nbsp;</strong></p> Saima Ishaq, Ahsan -ul- Haq Satti ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 https://ojs.umt.edu.pk/index.php/eer/article/view/1584 Fri, 30 Jun 2023 00:00:00 +0000 Evaluating the effectiveness of foreign capital flows in mitigation of gender inequality in Developing countries https://ojs.umt.edu.pk/index.php/eer/article/view/1561 <p>Over the decades, foreign capital inflows (FCIs) have been contributing to the economic growth and development of underdeveloped and developing economies. However, it is imperative to inspect the effect of FCIs on gender inequality (GI). The latter includes SDG 5 which addresses the elimination of GI in all its forms. The existing empirical literature on the relationship between FCI-GI nexus shows mixed results. The current study scrutinized the effects of FCIs on GI in a panel of 71 developing economies for the time period 2001-2019. The study used the system generalized methods of moments (GMM) for model estimation. The positive and significant impact of remittances on G I was explored. It was found that official development assistance (ODA) caused an increase in GI in developing economies. The results showed that gross domestic product (GDP) and trade openness (TOP) increased GI. However, good governance was found to reduce GI in developing economies. The outcomes provide a guideline for the role of FCIs in reducing GI in developing economies.</p> Sadia Anjum, Fatima Farooq ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 https://ojs.umt.edu.pk/index.php/eer/article/view/1561 Fri, 30 Jun 2023 00:00:00 +0000 Examining the Impact of Corruption on Financial Sector Development in Arab League Countries https://ojs.umt.edu.pk/index.php/eer/article/view/1333 <p>Arab League Countries have seen major regulatory and financial reforms in the last two decades and during this period these counties have been marred by corruption. In this background, this study explores the impact of corruption on financial sector development in Arab League countries from 2001 to 2020. By using the dynamic panel data estimation technique of the Generalized Method of Moments on a sample of 20 Arab League countries, the study reports its findings. The finding shows that there is a significant negative effect of corruption on financial sector development. These results favor the notion of the “sand the wheels” hypothesis. The findings of this study highlight the insensitiveness of financial development to corruption during Global Financial Crisis (2008). The results also indicate that there is an adverse effect of corruption on financial development after Arab Spring. The study acknowledges the moderation role of rule of law in the relationship between corruption and financial development.&nbsp;</p> Adnan Bashir, Muhammad Mansoor Javed, Muhammad Gulzar ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 https://ojs.umt.edu.pk/index.php/eer/article/view/1333 Fri, 30 Jun 2023 00:00:00 +0000 Uncertainty in Fiscal and Monetary Policy and its Impact on Economic Growth: An Analysis from Pakistan https://ojs.umt.edu.pk/index.php/eer/article/view/1587 <p>Uncertainty or shocks in macroeconomic policies have been a debated issue all over the world because these shocks severely influence the growth of economies. To analyze the impacts of these shocks in the context of Pakistan, the current study determined the role of fiscal and monetary policy uncertainty by taking the time series data for the period 1971-2020. In this regard, GARCH and ARDL cointegration model were applied. Empirical evidence revealed that in the long-run, fiscal uncertainty in terms of government expenditure positively affects the economy and monetary uncertainty in terms of money supply negatively affects the economy. While, in the short-run, uncertainty of both policies has a negative influence on the economic growth of Pakistan. The study also gauged other factors, such as, exchange rate, interest rate, and inflation with respect to their impact on economic growth. It was found that these factors positively and significantly sway growth in the long-run.</p> Ayesha Zahid, Asim Iqbal, Ghulam Rasool, Asma Altaf ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 https://ojs.umt.edu.pk/index.php/eer/article/view/1587 Fri, 30 Jun 2023 00:00:00 +0000 Exploring and Evaluating the Association between Environmental Sustainability and Economic Progress: A Cross-Country Analysis of Green Tourism https://ojs.umt.edu.pk/index.php/eer/article/view/1471 <p>Environment plays a critical role in sustaining the natural resources of both developed and developing countries. In this regard, climate change poses a significant threat to the entire world, depleting the natural resources of countries and making the land inhabitable. This study is a cross-sectional study. It employed ordinal regression using the least square method to examine the impact of the threatened species, environmental performance, tourism income, tourism expenditure, GDP per capita, environment related treaties, and CO<sub>2</sub> emissions on tourism income and selected dependent variables in different clusters of 106 countries in 2019. The study included countries from Sub Sharan Africa; South and Southeast Asia; South America; Oceania; North Asia; North America; North Africa; Mesoamerica; East Asia; Caribbean Islands; and West and Central Asia. The results varied across regions and countries. The study was based on three clusters. These clusters were based on the highest number of threatened species, higher GDP per capita, and the highest environmental sustainability score on a 1-7 scale as measured by WEF. Various sources of data were used to collect secondary data including WEF reports, World Bank, UN Red List, and Atlas big.&nbsp; In all three models for all the clusters, improvement in environmental performance had a positive impact on GDP per capita and tourism income. For all clusters poor climatic conditions in terms of CO<sub>2</sub> emissions and poor environmental performance further increased the number and percentage of threatened species. A policy was proposed to protect endangered species through improved environmental conditions and quality tourism infrastructure, tourism expenditure, and increased environment related treaties.</p> Sumaira Lodhi, Zahid Iqbal, Salahuddin Ayubi, Zafar Manzoor ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 https://ojs.umt.edu.pk/index.php/eer/article/view/1471 Fri, 30 Jun 2023 00:00:00 +0000 How Core Labor Standard and Informal Sector Employment Effect the Economic Growth? https://ojs.umt.edu.pk/index.php/eer/article/view/1474 <p><em>At present time, the phenomenon of core labor standards and informal sector employment entice attention in the economic growth paradigm. This study elaborates the influence of core labor standards on the economic growth of Pakistan in the presence of informal sector employment. For this purpose, the human capital augmented solow growth model proposed by </em><em>(Mankiw et al. 1992)</em><em> is extended by adding core labor standards and informal employment. The aggregate time series data set is used for the time span (1999-2017). To resolve the endogeneity problem, the </em><em>non- linear two stage least square instrumental variable (NLTSLS-IV) approach is applied to estimate the growth model. The estimated outcome elaborates the positive relation of core labor standards with the economic growth. The relation between the growth rate of both formal and informal employment is positive with economic growth. The conclusion is that the enforcement of core labor standards increase the economic productivity through protecting workers rights and will ultimately enhances the economic growth. The policy maker should consider the phenomenon of labor standards enforcement in the growth policies of the economy.</em></p> Afshan Muneer, Hafsa Hina ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 https://ojs.umt.edu.pk/index.php/eer/article/view/1474 Wed, 26 Jul 2023 06:11:07 +0000