Impact of financial reforms on efficiency of state-owned,private and foreign banks in Pakistan

This article uses a unique bank level data from 1991 to 2000 and evaluates how financial reforms affect banking efficiency of domestic and foreign banks in Pakistan. The results suggest that banking efficiency falls during initial reform period when banks adjust to enhanced competition but increases in more advanced stages of reform. While in general foreign and private banks show superior efficiency and factor productivity than do state-owned banks, the relative performance of foreign banks worsens after the consolidation stage of the financial reforms is over. We show the importance of link between bank size, asset quality and bank branches with efficiency indexes and also note that every 10% increase in share of nonperforming to total loans decreases banking efficiency by 6 to 10%.     

Pakistan's development: An overview

This is the text of two lectures given in the summer of 1980, one at the Institute of Strategic Studies, Islamabad, and the other at the National Defense College, Rawalpindi, Pakistan. The lectures attempted to identify some non-economic determinants of Pakistan's economic performance since the standard economic explanations are not very satisfactory for analysing the country's rather erratic performance over the last three decades. The lectures reviewed Pakistan's economic history from 1947, the time of independence, to 1977, when political power moved once again from a civilian government to a military regime. The lectures underscored the importance of the nature of external economic development, the extent of government commitment to development and the level of participation in economic management as important determinants of economic performance. One of the important conclusions reached was that the governments in the Third World must pay heed to these factors in planning for the difficult times that lie ahead.     

Banking deregulation and allocative efficiency in Pakistan

This article examines the impact of deregulation policies on allocative efficiency of banks in Pakistan. It investigates whether deregulation has impacted the pattern of allocative efficiency of banks and explores which bank ownership segment has been more responsive. It uses data from 1991 to 2005 and explicitly models allocative inefficiency by using the translog shadow cost-share system. Empirical results show that overregulation and imperfect market structure hampers the ability of banks to make competitive decisions. We find evidence of allocative inefficiency leading to over-utilization of labour and deposits vis-à-vis operating cost. Empirical results for time-varying allocative efficiency show declining levels of allocative inefficiency for state-owned and private banks in post-reform period. Deregulation policies induce state-owned banks to decrease over-utilization of labour relative to deposits and operating cost while private banks succeed in using operating cost closer to optimal levels. Hence, policymakers have latitude to introduce more reforms without jeopardizing allocative efficiency.     

Responsibility within civil society and range of urban poverty

The decentralized, subsidiary action of the urban poor within the neighborhood articulates the responsibility of these citizens within the metropolis. This article makes use of the work of J. Habermas, R. Blank, and W.J. Wilson in order to show how such citizen action on the part of the poor can, in the face of devastation, be resistant, communal, located action. Collaborative engagement assists them in coming to their own vision and in determining their world’s material and symbolic framework. In their collaboration and through the resulting interpretive community, they achieve a responsibility which engages them in caring for the future of the common life. Upon the basis of their action from within their neighborhoods, the urban poor, as they rebuild their neighborhoods, move into civil society so that the entire metropolis may benefit.     

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6月28日，2011年沙棘生态论坛暨水域山沙棘果汁新产品新闻发布会在北京隆重举行，多名相关领导和行业专家与内蒙古水域山饮品有限责任公司董事长刘志峰、水域山沙棘果汁产品代言人张涵予等出席论坛，一起深入探讨了中国沙棘生态产业的发展现状以及未来趋势，并共同见证了水域山沙棘果汁新产品的全国正式发布，为国内果汁饮料市场以及生态健...     

Legislative organization and congressional review of agency regulations

Although researchers have demonstrated that legislators possessa variety of instruments with which to limit bureaucratic discretion,it is not clear to what extent these instruments are used bylegislators whose preferences are representative of chambermajorities. This article examines the role that committee membership,preferences, and other factors play in legislators' use of congressionalreview, a new instrument through which agency regulations canbe nullified by joint resolutions of disapproval. It uses logisticregression to demonstrate that in the 105th House of Representatives,legislators were more likely to seek to disapprove agency regulationsthe greater the divergence of their preferences from the medianmember of the committee of jurisdiction. Committee membership,however, did not affect the use of congressional review. Theseresults, which diverge from previous research in several respects,underscore that it is not yet possible to draw definitive conclusionsabout the connection between the organization of Congress andlegislative-executive relations that hold across policy areasand instruments of political control.     

Globalization and labour-market adjustment: how fast and at what cost?

In this paper we argue that the flexibility of an economy'slabour market plays a role in determining the gains from tradeliberalization, the level of short-run adjustment costs, andthe relative value of these two measures. To do so, we describethe model introduced in Davidson and Matusz (2000) which allowsus to solve for adjustment costs when workers vary accordingto ability and jobs differ in terms of the skills that theyrequire. We then report results based on simulations of thismodel. We find that economies with sluggish labour markets havethe least to gain from liberalization. The reason is that whilethe removal of trade barriers creates large benefits, they arealmost completely offset by large short-run adjustment costs.In contrast, we find that with either very flexible or veryslothful labour market gains from liberalization are alwayssignificantly larger than the short-run adjustment costs.     

The prospects for the developing world: a review of recent forecasts

This article addresses the future aspects of developing countries during the 1980s. To do so it has drawn on recent reports about the future of the world's economy. Even widespread failures of harvests and the increase in the price of oil in the 1970s did not diminish the optimistic attitude about the future in the 1980s. The original World Bank projections predicted a 5.7%/annum increase in gross domestic product and a substantial reduction in the level of poverty. The 1980 report paints a very pessimistic picture due to: the structural changes which the world economy is undergoing (changes in demand and production, slower economies, declines in productivity growth, etc.), world interdependence, and reduction of world resources. Other reports and studies have arrived at the same general conclusions. The predictions of the authors of "Interfutures" are also marked with considerable pessimism. They said that future uncertainties could lead to political rifts as well as economic and social problems. The Brandt commission report sketches a bleak picture for the world economy. Despite the consensus among the varous reports concerning the future in the developing nations, there are differences of opinion concerning the ability of these nations to adjust to the difficult circumstances. Certain actions must be taken immediately--generate more resources for development, measures to reduce oil and food imports, long-term goals should include improvements in administration, increasing agricultural productivity, and better utilizing available resources. The Brandt Commission is less optimistic about the world's ability to help the poor out of its troubles. The OECD targets sub-Saharan Africa as the area to be dealt with immediately. Basically, these developing nations will not be able to rely on industrialization and cheap energy for their growth.     

Basic needs: Some issues

The purpose of this paper is to demonstrate, first, the need for a development strategy aimed directly at the abolition of absolute poverty within a short period of time, and, second, to spell out the main elements of such a strategy. After sketching, in very broad terms, some of the conceptual and operational issues involved in a basic needs strategy, the paper provides some very rough orders of magnitude of the number of people who suffer basic forms of deprivation in the developing world. Finally, the paper describes the analytical work and country studies that should be undertaken to give operational content to the concept of basic needs.     

Meeting basic needs: An overview

This paper summarizes some of the main issues related to the World Bank's basic-needs oriented lending programme. In particular, based on country experience it discusses the lessons learned with regard to sectoral policies and programming for their basic needs and their implications for future lending.