Income, Money, and Prices are important macroeconomic variables which play crucial roles in an economy. There has been a long debate in economics regarding their roles. For example, the Monetarists claim that money plays an active role and leads to changes in income and prices. In other words,...

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 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 the South Asian region about two decades ago....

This paper investigates the integration of the equity market in Pakistan with those in other countries. In this context, seven major equity markets, that is, the markets of USA, UK, France, Germany, Japan, Hong Kong, and Singapore were selected for the analysis. The integration was examined...

The relationship between money and prices has been a debated issue among economic schools of thought particularly between the Monetarists and the Keynesians. The monetarists claim that changes in money stocks cause changes in price levels. In other words, the direction of causation runs from...

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...

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

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...

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...