Published Research Papers in Economics
The Role of Press Freedom in Economic Development: A Global Perspective
In this study, the authors explore the role of press freedom in the development of an economy, both in terms of economic growth and foreign direct investment. The relationship between press freedom, foreign direct investment, and economic growth is analyzed using a balanced panel of 115 countries. The existence of a bidirectional relationship between press freedom and economic growth is established using the generalized method of moments technique. We also find a bidirectional relationship between foreign direct investment and economic growth using the analysis. Our results are not contradicted by similar indices produced by Reporters Sans Frontières and Freedom House.
Terrorism and Stock Market Development
The aim of this paper is to explore the relationship between terrorist activities in Pakistan and the stock market development. Using Terrorism Impact Factor (TIF), a unique score developed for this paper, an insight is provided into the causal relationship that exists between terrorism and Karachi Stock Exchange (KSE) index. Through the empirics of the study, it is analyzed that terrorism negatively impacts stock market returns in the long run; whereas no significant relationship between stock market returns and terrorism is estimated in the short run. It is recommended that governments pay particular attention to economic recovery in the aftermath of terrorist attacks.
Determinants of Foreign Direct Investment in OECD Member Countries
The aim of this paper is to get an insight into the potential determinants of foreign direct investment (FDI) for a panel of ten OECD member countries over the period of 1985‐2009. Granger causality tests have been implemented in the study to identify causalities, both in the short‐ and long‐run, between FDI and the variables that emerge as significant determinants of FDI during the regression analysis. The fixed effects estimation indicates that market size, labor cost and quality of infrastructure yield significant coefficients in relation to FDI for the panel of countries under study. A bi‐directional short‐run relationship is established between market size and labor costs in the short‐run; whereas quality of infrastructure causes market size and labor costs in the short‐run. For the long‐run deviation of FDI from equilibrium, market size, labor costs and quality of infrastructure all bear the joint burden in the short‐run to re‐establish the equilibrium.
Nuclear Energy, CO2 Emissions and Economic Growth
The paper aims to study the relationship between economic growth, nuclear energy consumption and carbon dioxide (CO2) emissions for a panel of 25 countries over a period of 1993-2010. Through this study, the author has provided an insight into one of the available sources of energy, i.e. nuclear energy and its impact on economic growth and CO2 emissions. Separate panels are created for developing and developed economies. Short- and long-run causalities between the variables are established using error correction mechanism. For the developed countries, short-run causality running from CO2 emissions to economic growth was estimated, whereas strong form of causality indicated the dependence of CO2 emissions on economic growth and nuclear energy consumption was seen to impact CO2 emissions. For the developing countries, both the short-run and strong-form causality estimates indicate that economic growth causes CO2 emissions.
Relationship of Labor Productivity, Foreign Direct Investment and Economic Growth: Evidence from OECD Countries
The aim of this study is to have an insight into the causality relationships between economic growth and two of its key determinants, foreign direct investment and labor productivity. Error correction mechanism, through the implementation of generalized method of moments (GMM), is used to study the causalities between the three variables. This study encompasses data from nineteen (19) OECD member countries over a period of 1980-2009. Short-term causalities have been observed running from foreign direct investment to economic growth, labor productivity to economic growth and foreign direct investment to labor productivity. In the long-run, bi-directional causalities exist between economic growth and labor productivity, foreign direct investment and labor productivity. Also, foreign direct investment is observed to cause economic growth in the long-run.
Electric Power Consumption, Foreign Direct Investment and Economic Growth: A Comparative Study of India and Pakistan
The purpose of this paper is to find potential causality and comparative relationships between electric power consumption, foreign direct investment and economic growth for India and Pakistan. Granger causality tests have been employed for estimating the short and long run relationships between the variables, along with the adoption of co-integration and error correction mechanism. Empirical evidence for India covering a period of 1975-2008 indicates long run causalities for electric power consumption and foreign direct investment boosting economic growth, electric power consumption and economic growth impacting foreign direct investment. For Pakistan, causality was established for foreign direct investment and economic growth inducing electric power consumption in the long run.
Economic Growth and its Determinants: A Longitudinal and a Cross-regional Analysis
Empirical evidence from a panel of 177 countries, over the time period of 1995-2009, indicates that economic growth is dependent on various factors. This paper finds that corruption control, reduced inflation and increased trade openness are the factors that boost up the economic growth of a country. Mixed empirical evidence is seen for government consumption, tropical climate and agricultural growth. No significant relationship has been observed between military expenditure and economic growth, whereas democracy influences output for African countries. The cross-regional analysis of Asian, European, African, Caribbean, and American countries also gives specific determinants for these regions. I have also analyzed Economic growth has also been analyzed in developing, developed, least developed, Muslim and petroleum exporting and emerging countries.