Nexus of Gold Price-Exchange Rate-Interest Rate-Oil Price: Lessons for Monetary Policy in Pakistan

This study aims to evaluate the links among gold price, oil price, exchange rate and interest rate in Pakistan. All these channels are interconnected and have impact on monetary policy of the country. Monthly data ranging from 1995-01 to 2016-12 is used for the analysis based on VAR Model. Exchange rate depreciations are responded by tight monetary policy actions, which seem to have a significant effect on exchange rate stabilization process and raise gold price. Changes in oil prices at global level strongly affect the nexus in Pakistan. Monetary policy managers are suggested to take changes in gold prices as indicators of short-run fluctuations in Pakistan economy. The study contributes in two ways. Firstly, as a case study of Pakistan, it analyzes the role of gold market in response to changes in exchange rate and world oil prices. Secondly, the study links up monetary policy decisions to the nexus of gold price-oil price-exchange rate. Findings of the study may be useful for monetary policy makers, academia, and gold industry alike.

Challenges and Possibilities of Pdts’ Diverse Roles and Responsibilities

The Master in Education (M.Ed.) is a core programme of the AKU-IED. Its purpose is to prepare Professional Development Teachers (PDTs) who are “exemplary teachers”, “researchers” and “teacher educators” and whose primary role is that of working as change agents in their schools on their return from AKU-IED. They are at the forefront of educational reform as they are constantly “rocking the boat” and “breaking the mould” during their attempts to try new things, take risks, encourage innovations and modify instructional practices (Stringfield, 1994, p.157). In this role, PDTs encounter the challenges and possibilities of their role in their respective contexts and face successes and failures, hopes and disappointments. I was interested in this topic because of my professional background of working as a teacher educator, and my exposure to the M.Ed. programme at the IED in different modules. Working with PDTs in their settings persuaded me to conduct the study on this topic. The ultimate purpose of this study was to explore how PDTs resolve challenges while performing their diverse roles and responsibilities in their contexts. This study was conducted in six of IED's cooperating schools from which the sample of the six M.Ed. graduates in three different systems i.e., government, private and AKES in Karachi, were involved. The fieldwork lasted for five weeks in which I applied the qualitative research paradigm and used a survey and semi-structured interviews to collect data I also maintained field notes and memos. This study suggests that PDTs' role performance is affected by some factors like role ambiguity or overload, teacher resistance, dilemmas of teacher education, limitation in conducting research, etc. The study has revealed that the PDTs have significantly contributed to developing teachers professionally in their schools with the eventual impact on whole school improvement. Finally, this study presents a few recommendations and implications for IED's future programmes, school administration and the PDTs as well.