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Stock Market Co-Movements and Their Determinants Between Emerging Economies.

Thesis Info

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Author

Muhammad Aamir

Program

PhD

Institute

International Islamic University

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2018

Thesis Completion Status

Completed

Subject

Finance

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11307/1/muhammad%20aamir_IIU.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676725044506

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This study has been conducted to examine the determinants of stock market co movement between Pakistan and emerging economies for the period 2001 to 2014. The results of Johansen and Juselius cointegration tests reveal that there is long term integration between the stock market of Pakistan and the stock markets of Brazil, Chile, China, Egypt, India, Indonesia, Israel, Korea, Malaysia, Morocco, Poland, Thailand and Turkey. This study investigates the determinants of stock market co-movement between Pakistan and emerging stock markets where cointegration is found. Results of the panel data reveal that there are four significant underlying forces of integration between Pakistan and emerging stock markets. These are GDP growth rate differential, inflation rate differential, world market volatility and quarter effect. This study also reports the driving forces of co-movement between Pakistan and each emerging market where the co-integration is found. It has been found that no similarity is found in the determinants of integration between Pakistan and each emerging stock market. This study also reports the determinants of stock market co-movement between Pakistan and emerging markets before crisis (2004 Q1 – 2007 Q3), during the crisis (2007 Q4 – 2009 Q4) and after the crisis period (2010 Q1 – 2014 Q4). It has been found that the determinants of integration between Pakistan and emerging markets vary before, during and after the crisis indicating that such determinants are crisis contingent variables. This study contributes to the literature of stock-market integration by exploring fundamental determinants between Pakistan and emerging economies. The findings of this study have significant implications for policy makers in Pakistan while designing the strategies for macroeconomic harmonization and stability of the country’s economy against financial shocks.
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عطا اﷲ عطاؔ قاضی

                عطا اﷲ عطاؔ قاضی (۱۹۳۴ء پ) محلہ ٹلہ پسرور میں پیدا ہوئے میٹرک کے بعد منشی فاضل کا امتحان پاس کیا۔ آرٹس میں ڈپلومہ سنٹرل ٹریننگ کالج لاہور سے کیا۔ شہر فہمی اور شعر گوئی کے علاوہ قاضی عطا نثر نگاری ، مصوری ،فوٹو گرافی اور خوش نویسی کے فن میں بھی ماہر ہیں۔(۱۲۰۹)

                آپ کے مزاج میں ادبی چاشنی رچی بسی ہے۔آپ کے شعری مجموعے ’’فراز سخن‘‘، (سورہ بقرہ کا منظوم ترجمہ) ،’’اعزازِ سخن‘‘،( توحیدی آیات کا منظوم ترجمہ)’’اعتزاز سخن‘‘،( سورہ نسا ،مائدہ کااورسورہ توبہ کا منظوم ترجمہ)’’رازِ سخن‘‘ ، (پارہ عم کا منظوم ترجمہ)’’امتیاز سخن‘‘( سورہ مائدہ کا منظوم ترجمہ) ناز سخن (حمد ونعت ،قرآنی دعائیں ،منظوم ترجمہ)اور ’’اشکوں کی لو ‘‘(غزلیہ مجموعہ ) ادبی سبھا پسرور سے شائع ہو چکے ہیں۔ ان شعری مجموعوں کے علاوہ قاضی عطا کا سب سے بڑا کارنامہ ’’مفہوم القرآن ‘‘کے نام سے قرآن مجید کا مکمل منظوم ترجمہ ہے۔

                 یہ ترجمہ تین ہزار صفحات کی ضخامت اور تین جلدوں پر مشتمل ہے۔ اب تک ’’مفہوم القرآن ‘ ‘ کے دو ایڈیشن شائع ہو چکے ہیں۔ قاضی عطاؔ کا قلم کسی ایک موضوع الہیات کے موضوع ہی کا محتاج نہیں رہا ۔ اس کا خامہ زرفشاں زندگی کے ہر پہلو پر رواں رہا ہے۔ الہیات کے موضوع کو ملاحظہ کریں کس خوبصورت انداز سے اس کا اظہار کرتے ہیں:

لاکھ پردوں میں بھی ہے بے پردہ

 

1کل ہے اجزا میں آشکارا ہے

 

â۱۲۱۰)

 

 

 

 

ہر آئینہ جزو میں جلوہ نما ہے کل

 

پنہاں ہے گو نظر سے مگر وہ کہاں نہیں

اسلامی تصور ریاست اور غیر اسلامی نظریہ ریاست کا تقابلی جائزہ

In an Islamic state, the leader is obliged by the Quran to run the affairs of the people using ‘Shura’ (consultation). He is elected based upon confidence to lead, not on his policies, because he is obliged to derive laws based upon the Quran and Sunnah، and has no option to not implement the clear laws cont-ained therein, even if not convenient for gov, which provides full protections for people’s rights at all times. In a (Western) secular Democracy, the leaders are not obliged to consult the people in running the affairs (nor fulfil their promises). They derive laws from what is convenient, and may (and do) take away people’s rights using that justification. In Islam, the leader remains in power until he becomes unjust or incompetent. In a (Western) secular Democracy, the leader remains in power despite being unjust or incompetent, and may get elected again if he can lie to the people to persuade them he is the lesser of two evils. An Islamic State is based upon sovereignty to the Creator, who doesn’t change his mind, it not prone to prejudice, bigotry or ignorance. A (Western) secular Democracy is based upon sovereignty of the Individual, who does change their mind, is prone to prejudice, bigotry and ignorance. This article explains deeply about Comparison of Islamic concept of state and non Islamic Idea of State.

Synthesis of Titanium Based Nitride Thin Films by Plasma Focus System

The present research is motivated by the remarkable mechanical, thermal and electronic properties of titanium based nitride thin films that have many applications ranging from coatings on cutting tools to diffusion barrier microelectronic applications. This work reports the first successful attempt to grow titanium based nitride thin films, specifically TiAlN, nc- TiN/ a-Si 3 N 4 , nc- (Ti, Al) N/ a-Si 3 N 4 and Ti-Si-N using plasma focus device. The synthesize of these films using different deposition techniques have been reported earlier but the use of plasma focus technique is one of the prospective hybrid deposition method which is not only economical, simple, efficient but also provide high deposition rate and good adhesion SS in less time compared to other available thin film synthesize techniques. The results of these experiments show the successful growth of titanium based nitride thin films using plasma focus device of energy 2.3 kJ. The following four types of different experiments were performed: In the first experiment, the sputtered titanium ions and energetic nitrogen ions emitted from Mather-Type plasma focus device were used to synthesize nanocrystalline TiN/amorphous-Si 3 N 4 thin films. The crystallite size analysis showed strong dependence on the number of focus shots. The crystallinity of TiN thin films wasfound to increase with increasing the number of focus shots. SEM results showed net like structure ofthe film deposited for 15 numbers of shots, which are in the form of elongated grains of Si 3 N 4 embedded in TiN crystals. The average surface roughness calculated from AFM images indicated that the average surface roughness increased for films deposited with increased number of focus shots. In the second experiment, a plasma focus device was used to prepare thin films of nc-(Ti,Al)N/a-Si 3 N 4 at room temperature. The plasma focus device, fitted with copper anode encapsulated with Ti 0.5 Al 0.5 anode, operated with nitrogen as the filling gas was used. Films were deposited with various number of focus shots, at 90 mm from top of the anode and at zero angular position with respect to anode axis. XRD patterns showed the growth of polycrystalline (Ti, Al) N thin films with orientations in the (111), (200), (220) and (311) crystallographic planes. Behavior of lattice constant, grain size and film roughness of xvideposited film as a function of variation in number of focus shots was discussed. SEM micrographs of film deposited with 15 number of focus shots exhibited well-developed net like structure of nc-(Ti,Al)N/a-Si 3 N 4 and possibly nc-(Ti,Al)N/a-Si 3 N 4 /a-AlN or nc-TiN/a- Si 3 N 4 /a-AlN. Surface Roughness ranging 64 nm to 89 nm was also observed. In the third experiment, TiAlN coatings were synthesized by a dense plasma focus deposition system. The effect of focus shots on the crystallography, microstructure, surface morphology, roughness and hardness was investigated. The X-ray diffraction (XRD) data showed TiAlN coatings crystallized in the cubic NaCl B1 structure with orientations in the (111), (200), (220) and (311) crystallographic planes.SEM micrographs showed dense and SS uniformly spread film with fine-grained morphology with hardly any void. Grain size and roughness were found to decrease, whereas thickness and hardness were found to increase, with increasing focus shots. In the fourth and the last experiment, a plasma focus device was used to prepare thin films of Ti-Si-N. XRD patterns showed the growth of polycrystalline TiN thin films. The results revealed that the grain size was correlated to the amount of silicon added. SEM results showed Ti–Si–N film exhibited a denser and amorphous compact structure almost without obvious defects due to addition of Si content in TiN structure. The surface roughness of synthesized thin films was much smoother compared to Plasma focus deposited thin films reported previously, the average surface roughness ranged from 0.23 nm to 9.39 nm.