We investigate whether income inequality affects subsequent growth in a cross-country sample for 1965-90, using the models of Barro (1997), Bleaney and Nishiyama (2002) and Sachs and Warner (1997), with negative results. We then investigate the evolution of income inequality over the same period and its correlation with growth. The dominating feature is inequality convergence across countries. This convergence has been significantly faster amongst developed countries. Growth does not appear to influence the evolution of inequality over time. Outline

https://www.econstor.eu/bitstream/10419/81822/1/02-28.pdf

Economic growth and income inequality

This article presents an introduction to the Health Belief Model (HBM). The HBM states that the perception of a personal health behavior threat is influenced by at least three factors: general health values, interest and concern about health; specific beliefs about vulnerability to a particular health threat; and beliefs about the consequences of the health problem. Once an individual perceives a threat to his health and is simultaneously cued to action, if his perceived benefits outweighs his perceived costs, then the individual is most likely to undertake the recommended preventive health action. Key words: health promotion, health belief model, perceived susceptibility, perceived severity, perceived benefits, perceived barriers, cues to action, self-efficacy. Content available only in Romanian.

Health Belief Model

Climate Change 1995 is a scientific assessment that was generated by more than 1 000 contributors from over 50 nations. It was jointly co-ordinated through two international agencies; the World Meteorological Organization and the United Nations Environment Programme. The assessment was completed by the Intergovernmental Panel on Climate Change (IPCC) with a primary aim of reviewing the current state of knowledge concerning the impacts of climate change on physical and ecological systems, human health, and socioeconomic factors. The second aim was to review the available information on the technical and economic feasibility of the potential mitigation and adaptation strategies.

Climate Change 1995

Multinational enterprises and the global economy

relationship. All subsequent studies confirmed it (see for example King and Levine, 1993, and the review in: Pagano, 1993). Goldsmith used a sample of 35 countries for the period between 1860 and 1963 to show the relationship between income and financial depth measured by the ratio between bank's assets and GDP. He also showed that in periods of rapid growth, financial depth grows faster than income. More details about measuring financial depth can be found in this paper. FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH Velimir Šonje

/pdf/financial-development-and-economic-growth-1933kuo17q.pdf

Financial development and economic growth

Recent theoretical and empirical literature suggests that
 foreign direct investment (FDI) exerted positive impact on economic
 growth through the process of technological diffusion. The literature
 also suggests that the development of the domestic financial system of
 the host country is an important pre-condition for FDI to have a
 positive impact on economic growth. A welldeveloped domestic financial
 sector enhances efficient allocation of financial resources and improves
 the absorptive capacity of a country with respect to FDI inflows.
 Particularly, a more developed financial system positively contributes
 to the process of technological diffusion associated with foreign direct
 investment. In this study, we examine the link between FDI, domestic
 financial sector, and economic growth for Pakistan over the period
 1972–2005. Empirical analysis is based on the bound testing approach of
 cointegration advanced by Pesaran, et al. (2001). The results suggest
 that FDI inflows exerted positive impact on economic growth in the
 short-run and the long-run if the domestic financial system has achieved
 a certain minimum-level development. The results further suggest that
 better domestic financial conditions not only attract foreign companies
 to invest in Pakistan, but also allow maximising the benefits of foreign
 investment. JEL classification: F21, F36, F43, O16 Keywords: Foreign
 Direct Investment, Financial Sector Development, Economic Growth,
 Technology Spillovers

Foreign Direct Investment and Economic Growth: The Role of Domestic Financial Sector

This study examines both the short and long-term dynamics of natural gas consumption in Pakistan through an econometric model, sector-specific income, price and cross price elasticities of natural gas demand are estimated over the period 1978–2011. The estimated income elasticities indicate that real GDP per capita exerts a larger impact on gas consumption as compared to its price. The price and cross price elasticities are relatively low, indicating consumers׳ indifference in Pakistan towards price escalation. They neither decrease gas consumption nor try to explore less expensive substitutes for natural gas. A validation of the estimated demand equations is performed, showing high degree of accuracy through tracking the historical data. In order to determine the future outlook of natural gas demand, sectoral equations are simulated as baseline. Both moderate and extreme demand scenarios are projected for the period 2012–2020. Ex-post simulation, resulting through baseline scenario, suggests that the power sector is more likely to occupy top position in terms of natural gas consumption. It is expected that the natural gas consumption would reach 734,062 MMCFT by 2020, followed by the transport sector (238,943 MMCFT); industrial sector (541,869 MMCFT); residential sector (304,821 MMCFT) and the commercial sector (72,784 MMCFT). Furthermore, simulation results based on moderate and extreme scenarios reveal that a deliberate increase in natural gas prices reduces per capita natural gas consumption significantly over the forecast time horizon (2012–2020). The findings of this study have significant implications with respect to energy conservation and economic development. Particularly, price and income elasticities have practical relevance for appropriate pricing and income policies. Additionally, forecast results can provide useful support for designing an appropriate infrastructure and investment plan with reference to gas market in future.

Modelling and forecasting the demand for natural gas in Pakistan

The purpose of this paper is to explore the role of corporate governance proxies by ownership structure on the likelihood of firms’ financial distress for a sample of 146 Pakistani public-limited companies listed at the Karachi Stock Exchange over the period of 2003-2012.,The dynamic generalized method of moments (GMM) estimator and panel logistic regression (PLR) are used to determine the impact of corporate governance on the financial distress. The ownership structure is used as a determinant of corporate governance, while the Altman Z-score is utilized as an indicator of financial distress, as it measures financial distress inversely. The smaller the values of the Z-score, the higher will be the risk of financial distress.,The authors find insignificant impact of ownership structure on firms’ likelihood of financial distress based on the dynamic GMM method. However, the PLR results indicate that foreign shareholdings have a significant negative association with firms’ likelihood of financial distress, in the case of Pakistan. An evidence of a negative and insignificant relationship between institutional ownership and financial distress was observed, which indicates the passive role of institutional investors in Pakistan. The results also reveal a positive and significant relationship between insider’s ownership and likelihood of financial distress. This finding is consistent with the entrenchment hypothesis which predicts that insiders are more aligned with their self-interest than outside shareholders’ interest when their shareholding increases in the business. Furthermore, the results also reveal insignificant association between government shareholdings and the probability of financial distress. The reason could be the social welfare objective of the government entities rather than profit maximization.,The findings of this study provide more insight to corporate managers and investors about the association between the quality of corporate governance and the degree of financial distress, with respect to Pakistani firms. Furthermore, this study contributes to the existing literature by adding new evidence from developing countries like Pakistan which are helpful for regulatory bodies and policymakers in the formulation of long-term corporate governance strategies to manage the financial distress. It is well established that strengthening the quality of corporate governance practices enhances the efficiency of capital markets and reduces the probability of financial distress.,The study extends the body of existing literature on corporate governance and the likelihood of financial distress with reference to Pakistan. The results suggest that policymakers may pay special attention to the quality of corporate governance, specifically ownership structure, while predicting corporate financial distress.

The effects of ownership structure on likelihood of financial distress: an empirical evidence

This study examines the demand for energy at disaggregate level (gas, electricity and coal) for Pakistan over the period 1972-2007. Over main results suggest that electricity and coal consumption responds positively to changes in real income per capita and negatively to changes in domestic price level. The gas consumption responds negatively to real income and price changes in the shortrun, however, in the long-run real income exerts positive effect on gas consumption, while domestic price remains insignificant. Furthermore, in the short-run the average elasticities of price and real income for gas consumption (in absolute terms) are greater than that of electricity and coal consumption. The differences in elasticities of each component of energy have significant policy implications for income and revenue generation.

https://mpra.ub.uni-muenchen.de/15056/1/MPRA_paper_15056.pdf

Energy Demand in Pakistan: A Disaggregate Analysis

The aim of the present study is twofold. First, we develop a
 theoretical model which incorporates the role of institutions in
 promoting economic growth. The theoretical model predicts that rent
 seeking activities decrease as institutional quality improves, and hence
 income increases and vice versa. Second, we conduct an empirical
 analysis to quantify the impact of institutions on economic growth in
 selected Asian economies over the period 1996- 2012 by employing both
 static and dynamic panel system Generalised Method of Moments (GMM)
 technique with fixed effects. The empirical results reveal that
 institutions indeed are important in determining the long run economic
 growth in Asian economies. However, the impact of institutions on
 economic growth differs across Asian economies and depends on the level
 of economic development. The results reveal that institutions are more
 effective in developed Asia than developing Asia. This evidence implies
 that different countries require different set of institutions to
 promote long term economic growth. Keywords: Institutions, Economic
 Growth, Panel Evidence, Asia

https://thepdr.pk/pdr/index.php/pdr/article/download/2599/2599

Muhammad Arshad Khan

Papers

Foreign Direct Investment and Economic Growth: The Role of Domestic Financial Sector

Modelling and forecasting the demand for natural gas in Pakistan

The effects of ownership structure on likelihood of financial distress: an empirical evidence

Energy Demand in Pakistan: A Disaggregate Analysis

The Impact of Institutional Quality on Economic Growth: Panel Evidence