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Home > Impact of Financial Intermediation on Micro and Macro Level Growth in an Emerging Economy: An Analytical Study from Pakistan

Impact of Financial Intermediation on Micro and Macro Level Growth in an Emerging Economy: An Analytical Study from Pakistan

Thesis Info

Access Option

External Link

Author

Hashmi, Aijaz Mustafa.

Program

PhD

Institute

Capital University of Science & Technology

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2017

Thesis Completion Status

Completed

Subject

Management

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/9354/1/Aijaz%20Mustafa%20Hashmi_Mngt%20Sci%20%28Fin%29_2017_CUST_PRR.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724765116

Similar


The study has been performed to analyze the influence of financial intermediation on micro and macro growth in emerging economy of Pakistan. This study testifies the impact the financial intermediation functions on growth at three levels: Firm Level, Industry Level and the Macro Economic Level. Literature identifies a variety of functions performed by financial intermediaries beyond savings and pooling of funds. These functions include transaction cost function, liquidity assurance function, delegated monitoring function and information sharing function. Several proxies have been used to quantify the utilization of the financial intermediation functions while the growth has been measured as of firm size. In the first tier, a total of 130 Pakistani companies were investigated for the impact of functions of financial intermediation for the period 2004-2013 using Panel Data Analysis. Common Effect Model with Fixed Effects has been tested at the firm level panel data. According to the Fixed Effect Model in firm level panel, the proxies for the variable of Transaction Cost, Liquidity Assurance and Information Sharing Coalitions are found to have a significant impact on firm level growth while the proxies for the variable of Delegated Monitoring function have an insignificant impact on firm growth in the Pakistani sample. This is a reflection that the Delegated Monitoring function does not statistically influence firm growth. This can be attributed to inefficient corporate governance mechanism. The other variables show a statistically significant impact which reflects that firms utilizing these functions has been positively benefitted. The results reflect that firms with higher level of financial inclusion i.e. access to financial services have a positive influence on firm growth. In the second tier, the firms were grouped into 15 industries and industry wise panel data analysis is conducted to study the impact of financial intermediation functions on growth across the different industries. A fixed effect is found across the industries which show that the impact of financial intermediation functions is different for each industry. According to the Fixed Effect Model in industry wise panel, the proxies for the variable of Transaction Cost, Delegated Monitoring and Information Sharing Coalitions are found to have a significant impact on industry level growth. Further, each industry is then taken as a reference industry and the impact of financial intermediation is observed in each industry being similar or different from other industries. The industry wise panel data is done for exploring the moderating effect of the industry-variable interactive term to see whether a particular function moderates the impact of financial intermediation functions in a specific industry or not. All the functions are examined with relevance to the reference industry to empirically test the moderating impact of financial intermediation in each industry. The results report that several proxies of the financial intermediation functions moderate the impact on growth in different industries. In the third tier, macroeconomic data is examined to appraise the influence of financial intermediation on macro level economic growth. In Pakistan, the results reflect that there exists significant co-integration between financial intermediation and economic growth. However, there is no difference in the impact of financial liberalization on economic growth before and after the financial liberalization. The evidence concludes that the linkage between financial intermediation and economic growth is present as a significant interaction in the emerging economy of Pakistan.
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I/We begin by the Blessed Name of Allah

The Immensely Merciful to all, The Infinitely Compassionate to everyone.

86:01
a. By the celestial realm and the Tariq.

86:02
a. And what may enable you to comprehend the Tariq?

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a. Tariq is the star of brilliant brightness before dawn.

86:04
a. There is a guardian angel set up over every human being.

86:05
a. So let every human being reflect of what insignificant substance he is created -

86:06
a. - he is created out of a mingling of seminal and ovarian spurting fluid,

86:07
a. emerging from between the male’s hip and the female’s pelvis.

86:08
a. Surely, HE is Able to bring him back to life-

86:09
a. - at the Time when all secrets of his deeds, dealings and speech will be exposed and judged,

86:10
a. then he will have no power to hide them, and
b. no supporter to help him avoid the consequences.

86:11
a. By the sky clouds giving rain, time and again,

86:12
a. and the land/earth too splitting time and again -
b. for gushing of springs and growth of vegetation.
c. and human beings during the Time of Resurrection.

728 Surah 86 * Al-Tariq

86:13
a. Indeed, this - Qur’an - is the Decisive Word!

86:14
a. And it is not for amusement.

86:15
a. Indeed, they are devising a plot/false arguments against The Prophet,

86:16

Trading in Influence: Modus Baru dalam Korupsi Indonesia Tahun 2022 dan Paradoks Kriminalisasi

This study evaluates the handling of corruption cases by the Prosecutor's Office, the Police and the Corruption Eradication Commission throughout 2022 and gives a fair grade (C) with a handling percentage of about 50% of the target of 2,772 cases. A comparative assessment of the last five years illustrates the dynamics of the handling of corruption cases. Quantitative charts highlight trends in enforcement, from the number of cases to potential losses to the state. Mapping corruption cases using the influence peddling mode involves identifying, analyzing, and summarizing patterns. Mapping steps include identification of cases, analysis of characteristics, creation of visual maps, integration of contextual factors, trend analysis, and recommendations. This mapping supports the understanding and formulation of strategies for dealing with corruption cases using the influence trading mode. In 2022, budget abuse dominates, followed by price gouging and fictitious activities. The high prevalence of these three methods indicates a lack of oversight in development and widespread corruption in the procurement of goods and services. Of the 579 cases, 43% involved the procurement of goods and services. Influence trading methods were also identified and used 19 times. The delegation of great authority to regional heads creates bargaining in the promotion and transfer of ASN. The case of buying and selling positions involving Regional Heads and ASN reflects the symbiosis between the two, with greed for power and ASN's desire to obtain immediate positions. The rise in this case is likened to an iceberg phenomenon, with the possibility that many cases have yet to be discovered.

Mapping of Genes Involved in Human Hereditary Infertility

Introduction: The World Health Organization defines infertility as the failure of achieving conception after one year of unprotected intercourse. Worldwide, approximately 15% of couples are affected by infertility and genetic anomalies account for 15-30% of male factor infertility. Nearly 15% of infertile males suffer from azoospermia in the form of obstructive azoospermia or non-obstructive spermatogenic failure. Polycystic Ovary Syndrome (PCOS) was contributing 6-10% infertility in female population. Environmental and genetic factors are involved. However; etiology of PCOS still remains debatable. Primary Ovarian Insufficiency (POI) or Premature Ovarian Failure (POF) affects 1- 2% of women, and is characterized by amenorrhea before the age of 40 years. POI is heritable in up to 30% of individuals. Methodology: The study presented in the dissertation describes clinical and genetic analysis of twelve Pakistani infertile families (A-L) exhibiting azoospermia, POF, PCOS, Y chromosome microdeletions and chromosomal aberrations. These families were collected from different districts of Khyber Pakhtunkhwa Pakistan. Informed consents were taken from all the participants. Results: In this study, we investigated four azoospermic families (A-D) by whole exome sequencing (WES) analysis. WES data analysis of family A with two males with obstructive azoospermia and two fertile members (mother and brother) revealed a novel nonsense variant c.2326C>T (p.R776X) in dominant X-linked ADGRG2. WES data analysis and Sanger sequencing of family B with one azoospermic male, one fertile brother and parents revealed a compound heterozygous variant in AFF4, including c.3319A>G (p.T1107A). In family C one proband and parents samples were subjected for WES analysis, but no pathogenic variants were identified. WES data analysis of family D with one infertile brother, one fertile brother and parents revealed a novel nonsense variant c.646G>A (p.G216R) in X-linked AR. In family E, WES was performed for four family members and seven potential variants were identified but Sanger sequencing failed to confirm any pathogenic variant. Family F has two daughters displaying primary amenorrhea, elevated LH/FSH levels, atrophic uteri, reduced ovarian reserves, and normal 46XX karyotypes. WES analysis of five family members (parents, two affected daughters and one unaffected daughter) revealed a novel frame shift variant (c.709delC, p.Leu237fs) in the luteinizing hormone/choriogonadotropin receptor (LHCGR) gene. PCOS Families G, H and I were investigated for pathogenic variants. SNP microarray and WES analysis failed to identify pathogenic variants in PCOS families. Family J showed Y chromosome microdeletions (AZFc) in two azoospermic brothers. Families K and L exhibited chromosomal aberrations; OX and XXY karyotypes in azoospermic members in families respectively. Conclusion: Four families revealed novel variants as the likely cause of infertility (ADGRG2, nonsense variant (c.2326C>T); AR nonsense variant (c.646G>A); AFF4 compound heterozygous (c.3319A>G); LHCGR, frame-shift variant (c.709delC). WES in four families (three PCOS one POF) families could not identify genetic causes in the coding region. One family exhibited “Y” chromosome microdeletion (AZFc region deletion) and two families were found with chromosomal aberrations (XXY and OX).