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An Evaluation of Impact of Monetary Policy on Economy of Pakistan

Thesis Info

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Author

Aftab Anwar

Program

PhD

Institute

Pir Mehr Ali Shah Arid Agriculture University

City

Rawalpindi

Province

Punjab

Country

Pakistan

Thesis Completing Year

2015

Thesis Completion Status

Completed

Subject

Financial economics

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/6814/1/Aftab_Anwar_Economics_2015_PMAS_Rwp.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724487849

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Objective of the study is to evaluate the impact of monetary policy on the economy of Pakistan in the light of Monetarist and Keynesian views. Keynesian argue that monetary policy is ineffective in stimulating the economic growth of a country, which is said to be determined by the economic growth levels of its large and developed trading partners. Money supply and inflation are considered to be insignificantly related to economic growth. It is further argued that the monetary authorities cannot control money supply changes as desired, namely, to keep them within the set money supply guidelines, because of foreign external forces flowing out of international trade conducted with these large and developed partners. By contrast, the monetarist counter-argument affirms the efficacy of the money supply and inflation in influencing the economic growth of a country. Monetary authorities are said to be capable of controlling money supply via the bank rate (repo rate), that the current level of money supply is significantly related to that of the previous period. By using forty year data, it is evaluated that impact of interest rate on economic growth is negative and at the same time its impact on unemployment is positive. It is also investigated that there exist tradeoff between inflation and unemployment. It is also estimated that current money supply strongly depends upon the money supply of previous period. Impact of monetary base and broad money on economic growth and on unemployment is very much weak near to zero. Saving is the component of aggregate savings and consumption is the necessary component of aggregate demand but it is evaluated that impact of saving on GDP growth rate is significantly positive as compare to consumption. So those policies should be used which are helpful to increase the saving in the xiv country. In the case study of Pakistan, the empirical findings confirm that the economic growth is not significantly related to changes in money supply and inflation but it is significantly related to the changes in real exchange rate and interest rate and that ability of monetary authorities to control money supply is constrained by external factors. While monetary policy is ineffective in controlling changes in the money supply, keeping it within set target limits or guidelines, it is able to influence the current level money supply by operating on that of the previous period.The Keynesian argument that the monetary authorities cannot control money supply changes, i.e. keeping them within set target guidelines, is confirmed. The basis of this argument is said to be the unfair terms of trade faced in dealing with large and developed countries. This is despite the significant relationship between the current level of money supply and that of the previous period.
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المبحث الثالث: العيون الحزينة

المبحث الثالث: العيون الحزينة

قصيدة " إلی عيني الحزينتين " لنازک الملائكة[1]


عینيّ، أيّ أسیً یرین[2] علیکما
ویُثیر[3] في غسق[4] الدجی[5] دمعیکما؟

إني أری خلف الجفُون ضراعۃ[6]
تستنطق[7] الکون[8] العریض المبھما[9]

أفقان تحت اللیل ألمحُ فیھما
فطرات ضوءٍ یرتشفن[10] الأنجما

ألکونُ مبتسمُ فأیّۃُ لوعۃٍ[11]
یا مقلتيّ[12] تلوح[13] في جفنیکما؟

مسکینتانِ، رأیتما ما لا یَرَی
جیلٌ أقام علی الضلال[14]، وحوّما [15]

جھل الحقائق في الحیاۃ، فلم یُطق[16]
عن زیفھا ھرباً وعاش مھوما [17]

مسکینتان کتمتما حمم[18] الأسیٰ[19]
فأبی[20] تأوّہ[21] خافقي[22] أن تکتما

فاذا الدموع غشاوۃ[23] رفّت[24] علی
جفنیکما، ، سیلاً سخیناً مفعما[25]

ورأیتما، خَلَلَ الدّموعِ، مفاتن ال
ماضي وطاف الشوقُ فی أفقیکما

عبثاً تصوغان[26] التوسّل في الدجی،
قلبُ القضاء[27] قضی[28] بألا تَنعما

عبثاً ، فیا عینيّ لا تتضرّعا[29]
لا شيء، یرجعِ بالجمال إلیکما

حسبي[30] وحسبکما الرضوخُ[31] لما قضّی
قلب اللیالي فارضخا[32] واستسلیما

کم حالمٍ من قبلنا فقد المنّی

Exploring the Objectives of Model Madaris Curriculum: Practical Approach Analysis

Islamic history reveals that Muslim rulers had taken keen interest to establish educational institutions during their rule. To keep going on this legacy of the Muslim rulers, various governments in Pakistan, since its creation, has announced a number of educational policies. Besides suggestions for Islamic education, a concept of Model Madaris at federal level was introduced for the first time during Musharraf’s regime [1999-2008]. Ministry of Religious Affairs (MORA) was made responsible to develop the curriculum for these Madaris from middle to master levels; however, as per constitution the Education Act 1976, it is the responsibility of Curriculum Wing, Ministry of Education to develop the curriculum up to higher secondary level with pre-framed objectives. While at graduate and post graduate level, it is the responsibility of the universities to develop curriculum through their statutory bodies i.e. Board of Studies, Board of Faculty and Academic Council as per guide lines set by the Higher Education Commission of Pakistan. This study is an effort to explore the main objectives of Model Madaris curriculum. Moreover, it will be cross checked with course contents from middle to bachelor levels and policy suggestions will be directed that how these objectives and course contents can be amalgamated in one line.

اسلامی معاشی نظام میں حق قبضہ و تصرف کے اختیارات

Allah (swt) bestowed two sources for the guidance of human beings: 1. Prophets of Islam 2. Heavenly books Our prophet Muhammad (s.a.w) declared, "I am the last prophet of Islam and after me no prophet will come to guide". And "the Islamic scholars (Yf)(learned persons) are the successors of prophets". In the last Wedescended Quran-e-Hakeem through our prophet Muhammad (s.a.w) as a gift for Islam for the human beings. This is the responsibilities of Muslims to take part in its publications till the Resurrection for betterment of Muslims in the world and the world after the death. Therefore the work of prosperity of religion of Islam after the (Sahaba), the companion of our prophet Muhammad (s.a.w), Islamic Scholars and the persons who well versed in Islamic Laws lend their shoulders towards the prosperity of Islam. Inshallah this will continued tillthe Day of Judgment (i.e. Resurrection). There is no doubt that Islam is a universal rule of life. This is the religion which requisites according to the situation of all periods and it covers all sections of our life. Islam instructs about all up and down of our life. In human society for mutual transaction "The possession" acts as the backbone. Rather you can say mutual transaction is totally depends on "possession". Financial transactions are continuing since olden times before and after Islam. We noted that in every period the forms of possession do change. Due to this reason different forms of possessions came into existence. That is why it creates lot of new problems and the different ideas of possessions. This is not the end it is still going on. No doubt this topic surrounds many kinds of financial transaction. We can guess due to non- acquaintance about possessions, in general it is happening. As for example if someone buys something and before taking possessions of the same it is unlawful to sell it. But now a days, unfortunately this types of things are very common in the markets. Therefore it is essential to bring this in the knowledge to get fully acquaintance of the possessions so that all Muslims must know about its reality. After getting acquaintance Muslims can mould themselves according to Islamic laws. Although we worked in two languages Urdu and English on this but due to brief and lack of comprehension it didn''t clarify properly. Therefore we do feel to write on this topic a ResearchArticle which should be in our national language and should be a perfect and easily understandable. Keep in view the importance of this topic is being selected for the degree of Philosophy (Phd.).In view of the Quran and the Hadis we must study the concerned problems in such a way that one works on this in future will be helpful to him. Basic parts and limitations of the topic This article consists of one preface along with six chapters with one conclusion. In this preface topic in being introduced. First chapter is concerning with old and new economic theories. In this you will find old concept of economic activities of Greek old Arabic economic system during pagun states, commercial market and centres of Arabia, famous commercial shapes of ignorance, Islamic point of view regarding buying during ignorance and Modern Economic Theories been discussed in detail. Second chapter is regarding fact of possession and its introduction. In this there is definition of possession concept, of possession in FiqahMaalki. There are two elemtnts of possession in FiqahMaalkifirst steps / degrees of possession and second conditions and prevention of possession. Concept of Humbly consists of extra neous/terminologies irrelevant and internal/domesticconcept of possession according to FiqahShafai Concept of possession FiqahHanafi. Kinds of possession in accordance to legislation/claims and possession of moveable and immovable things, possession against expenditure and witness are mentioned in detail. Third chapter in regarding buying and selling. In this it is explained whether before getting possession it is wrong or false. According to Islamic Laws, buying and selling is strictly prohibited from movable and immovable before possessions. But there are some exceptions in it. Some scholars (Fuqha) say it is prohibited while somesay that there are some exceptions and specifications. In this chapter scholars (Imams-[Z) put a detailed light on their reasons, proofs and opinion. In this chapter it is mentioned about the international trade too, Fourth chapter is regarding buying and selling of old system. In this chapter all the possibilities of buying and selling by seller according to all processes of business and money in detail. Fifth chapter is regarding the buying and selling of modern methods. In which buying and selling of shared specification of shares, rights of given name to any business like trade mark and their kinds, trade name and sale of trade markcommercial license and its buying and selling. Buying and selling an instalments and all supported by proof is being mentioned in it. Sixth chapter is indicating financial documents. In which there are three kinds of sellers (+­Zß) definition of quotation members of quotation, condition of quotation, definition of cheques, limitation of cheques, few important kinds of cheques, Bill of Exchange and its few famous kinds, lawful alternateof Bill of Exchange, different kinds of credit cards and their Islamic rules, facts of bonds and its definition. At the end there is conclusion of the article. Hope that this article will prove an important document regarding authorities of the rights of possessions and expenditure. And inshallah this will be a source and a support for those who intend to work on Islamic Legislation. I pray to Allah (swt) to accept this abject endeavor and bestowed propitiatory acceptance for my parents, teachers and make them a way to get rid of them.