Asian Economic and Financial Review

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Online ISSN: 2222-6737
Print ISSN: 2305-2147
Total Citation: 1219

No.2

Impact of Financial Liberalization on Economic Growth: A Case Study of Pakistan


Pages: 270-282
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Impact of Financial Liberalization on Economic Growth: A Case Study of Pakistan

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Qazi Muhammad Adnan Hye, Shahida Wizarat 
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Qazi Muhammad Adnan Hye, Shahida Wizarat  (2013). Impact of Financial Liberalization on Economic Growth: A Case Study of Pakistan. Asian Economic and Financial Review, 3(2): 270-282. DOI:
We have tried to explore the link between financial liberalization index (FLI) and economic growth in Pakistan by using annual data for 1971- 2007.  The Phillips Perron unit root test is utilized to verify the level of integration and Auto-Regressive Distributed Lag (ARDL) technique for obtaining long run and short run coefficients. The empirical finding indicates that FLI and economic growth are positively linked in the short run.  On the other hand, FLI is statistically insignificant in the long run, while the impact of real interest rate (RIR) on economic growth is negative and significant. This means that one unit increase in the RIR causes GDP to decline by Rs. 1.03 million. Our investigation recommends that SBP and the GOP should pursue financial liberalization policies that are consistent with economic growth.

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Cereal Bank as a Necessary Rural Livelihood Institute in Arid Land, Makoja Village, Dodoma-Tanzania


Pages: 259-269
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Cereal Bank as a Necessary Rural Livelihood Institute in Arid Land, Makoja Village, Dodoma-Tanzania

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Mark M Msaki, Michael I Mwenda, Irene J Regnard
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Mark M Msaki, Michael I Mwenda, Irene J Regnard (2013). Cereal Bank as a Necessary Rural Livelihood Institute in Arid Land, Makoja Village, Dodoma-Tanzania. Asian Economic and Financial Review, 3(2): 259-269. DOI:
In 2012, the study was carried at Makoja Village, in Semi-Arid region of Dodoma. The aim of the conducted study was to assess the importance of Cereal Bank to livelihood of farming households. A total of 80 respondents were interviewed. Data were analyzed using SPSS 16.0 computer program. The major findings of the study revealed that, almost all of the households (96.2 %) were poor, while more than a half of the sampled population was chronically food insecure. Income and expenditure analysis revealed that households had no opportunity to manage savings.  Further analysis on expenditure revealed that despite being farming households, the later spent large proportion of their income in purchasing food for households.  Cereal bank has been potential to provide food at the time of less, storage facility, seed stocking facility and a business opportunity.  Cereal banks should be purposively promoted to improve livelihood and assure food security in the rural areas.

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Accounting from a Religious Perspective: A Case of the Central Government Accounting in Islamic Republic of Pakistan


Pages: 243-258
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Accounting from a Religious Perspective: A Case of the Central Government Accounting in Islamic Republic of Pakistan

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Imtiaz Badshah, Frode Mellemvik, Konstantin Timoshenko
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Imtiaz Badshah, Frode Mellemvik, Konstantin Timoshenko (2013). Accounting from a Religious Perspective: A Case of the Central Government Accounting in Islamic Republic of Pakistan. Asian Economic and Financial Review, 3(2): 243-258. DOI:
Purpose¬ - The purpose of this paper is to describe and analyze the role of religion (Islam) in the development of accounting at the central government in Islamic Republic of Pakistan.Design/methodology/approach ??? It is an empirical paper that is situated within a social constructionist world view philosophical paradigm and that takes advantage of the descriptive and analytical characteristics of the qualitative case study. Islamic concepts, which are suggestive of Islamic accounting, constitute a theoretical framework for this study. Findings - The findings of the study indicate that the role of religion in the development of accounting in Pakistan is minimal or virtually non-existent. The current accounting system is deemed to be a result of the overall process of hybridization where many institutional and cultural factors may have played the major role in shaping accounting practices rather than the religion of Islam.   Practical implications ??? There are cultural (excluding religion), as well as institutional factors, that are beyond the scope of this paper and that may have played a greater role in the (re)formation of the accounting practices as compared to religion. However, the dual nature of the concept of Islamic accounting - that is, (1) the accountability of government to fellow people (public) and (2) to Allah (God) - may play a wider role in the development of need-based accounting practices in central government accounting in Islam Republic of Pakistan. Originality/Value ??? This research is first in its nature to comprehend the role of religion (Islam) in the shaping the Government accounting practices in Pakistan. Hopefully, it has contributed to a better understanding of the concepts of Islamic accounting within a rather alien-empirical context, that is, Islamic Republic of Pakistan where constitutionally Islam is declared as a state religion.

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Impact of Microfinance on Smallholder Farm Productivity in Tanzania: The Case of Iramba District


Pages: 227-242
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Impact of Microfinance on Smallholder Farm Productivity in Tanzania: The Case of Iramba District

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Frank Girabi, Agnes Elishadai Godfrey Mwakaje
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Frank Girabi, Agnes Elishadai Godfrey Mwakaje (2013). Impact of Microfinance on Smallholder Farm Productivity in Tanzania: The Case of Iramba District. Asian Economic and Financial Review, 3(2): 227-242. DOI:
Over the past two decades, there has been a high promotion of microfinance institutions (MFI) in Tanzania. In 1990s there was only 825 MFI which increased to 1,875 in 2005. Currently, the country is estimated to have more than 5000 MFI. The promise of MFI lies in the belief that microfinance could empower poor people to fight against poverty through easy access to credit. But what is the actual impact of MFI on the ground? Empirical evidence in this area is inconclusive. The objective of this study was to investigate the impact of microfinance on agricultural productivity by smallholder farmers in Tanzania with the case study of Iramba District.  A total of 98 respondents were selected randomly from credit beneficiaries (CB) and non-credit beneficiaries (NCB). The collected data were analyzed through descriptive statistics and multiple regression analysis. Findings revealed that, CB realized high agricultural productivity compared to the NCB respondents. This is partly because the CB were relatively better in accessing markets for agricultural commodities, use of inputs and adoption of improved farming  technologies. The major factors hindering smallholder farmers??? access to credit were reported to be lack of information, inadequate credit supply, high interest rates and defaulting.

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Factors Influencing Successful Brand Extension into Related and Unrelated Product Categories


Pages: 216-226
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Factors Influencing Successful Brand Extension into Related and Unrelated Product Categories

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Sarwat Afzal
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Sarwat Afzal (2013). Factors Influencing Successful Brand Extension into Related and Unrelated Product Categories. Asian Economic and Financial Review, 3(2): 216-226. DOI:
This study describes the study that analyzes the factors influencing successful brand extension. Specifically the study analyze the impact of similarity, brand reputation, perceived risk and consumer innovativeness on the success of brand extension into related or unrelated categories of FMCG products. A set of hypotheses were developed and tested by regression analysis. It investigated the effect of factors such as brand reputation, perceived risk, perceived similarity and consumer innovativeness on successful brand extension in FMCG. This study provides support for two out of the four hypotheses of Hem & Charnatony’s model. Parent brand reputations, and consumer innovativeness, have powerful positive effect on consumers’ mind-set towards the brand extension in related and unrelated product category. The third hypothesis i.e. interaction of perceived similarity is positive and significant in related FMCG product category and hence hypothesis 1 is partially supported. However the fourth hypothesis i.e. perceived risk in preparing the extension with customers’ attitude regarding brand extension could not be supported. The result of this study suggests a number of implications for product extensions in our country. Implications have been discussed for the organization of consumer information and effect across related and unrelated product class and for understanding earlier research results on brand extension.

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What Matters for Economic Growth in Pakistan: Fiscal Policy or its Composition?


Pages: 196-215
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What Matters for Economic Growth in Pakistan: Fiscal Policy or its Composition?

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Khalil Ahmad, Sajida Wajid
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Khalil Ahmad, Sajida Wajid (2013). What Matters for Economic Growth in Pakistan: Fiscal Policy or its Composition?. Asian Economic and Financial Review, 3(2): 196-215. DOI:
This study employed autoregressive distributed lag (ARDL) model to examines the impact of various fiscal policy variables, such as, productive expenditures, non-productive expenditures, distortionary taxes and non-distortionary taxes on economic growth in Pakistan in the framework of endogenous growth model. Our results revealed that non-productive expenditures and non-distortionary taxation have neutral impact on economic growth in both the long run and short run. Productive expenditures affect economic growth positively and significantly. Distortionary taxes retard economic growth. Human capital proxied by secondary school enrollment enhances per capita GDP. Impact of labor force on GDP per capita is negative and insignificant.

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Unraveling the Uncertainty of the Niger Delta Crisis through Taxation


Pages: 186-195
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Unraveling the Uncertainty of the Niger Delta Crisis through Taxation

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Tamunonimim A. Ngerebo-A
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Tamunonimim A. Ngerebo-A (2013). Unraveling the Uncertainty of the Niger Delta Crisis through Taxation. Asian Economic and Financial Review, 3(2): 186-195. DOI:
This paper critically x-rayed the known causes, consequences and two out of the numerous solutions to the Niger Delta Crisis (NDC). The two solutions implemented by governments in Nigeria in tackling the Niger Delta Crisis are the military option and the amnesty option. It adopted the ethnographic descriptive research methodology, given that the researcher interacted with some of the members of some agitating groups as well as administering questionnaire and interview a cross section of the residents of the region. The paper found that these two solutions implemented so far have recorded minimal or transient successes, and therefore concludes that the poor performance is attributable to the conflicting expectations of the various tiers of government, the people of the region and the agitating groups.  It therefore recommends a more comprehensive solution to the crisis, christened Tax Option, which has the policy implication of unraveling the uncertainty surrounding the crisis, reconciles the various expectations and satisfying them.

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Exchange Rate Volatility and Bank Performance in Nigeria


Pages: 178-185
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Exchange Rate Volatility and Bank Performance in Nigeria

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Owoeye Taiwo, Ogunmakin Adeduro Adesola
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Owoeye Taiwo, Ogunmakin Adeduro Adesola (2013). Exchange Rate Volatility and Bank Performance in Nigeria. Asian Economic and Financial Review, 3(2): 178-185. DOI:
This study investigated the impact of unstable exchange rate on bank performance in Nigeria using two proxies for bank performance, namely loan loss to total advances ratio and capital deposit ratio. Government expenditure, interest rate, real gross domestic product were added to exchange rate as independent variables. The two models specified show that the impact of exchange rate on bank performance is sensitive to the type of proxy used for bank performance. Loan loss to total advance ratio shows that fluctuating exchange rate may affect the ability of lenders to manage loans resulting into high level of bad loans while capital deposit ratio does not have significant relationship with exchange rate. A core recommendation of this study is that a stable exchange rate is needed to improve the ability of the banking sector to channel credit to the economy.

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Loss Reserve Adjustment and its Determinants: Empirical Evidence from the United Kingdom General Insurance Industry


Pages: 160-177
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Loss Reserve Adjustment and its Determinants: Empirical Evidence from the United Kingdom General Insurance Industry

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Chi-Feng Wang, Yung-Ming Shiu, Andrew Adams, Kuei-Ling Ou
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Chi-Feng Wang, Yung-Ming Shiu, Andrew Adams, Kuei-Ling Ou (2013). Loss Reserve Adjustment and its Determinants: Empirical Evidence from the United Kingdom General Insurance Industry. Asian Economic and Financial Review, 3(2): 160-177. DOI:
The purpose of this paper is to assess whether loss reserving adjustment exists in the UK general insurance industry and, if so, what motivates managers to modify reserves. Our research shows that: insurers bias loss reserve accrual to smooth income or to avoid triggering regulatory intervention; insurers underestimate loss reserves to avoid reporting small losses; insurers??? current and expected future performance affect their loss reserve estimation; insurers focused on commercial lines of business underestimate loss reserves more than insurers focused on personal lines; and certain economic and firm-specific factors influence the accuracy of loss reserves. The findings contribute to our growing understanding of earnings manipulation in the non-life insurance industry and should be of interest to regulators, investors and creditors.

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Capital Adequacy Standards, Basle Accord and Bank Performance: The Nigerian Experience (A Case Study of Selected Banks in Nigeria)


Pages: 146-159
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Capital Adequacy Standards, Basle Accord and Bank Performance: The Nigerian Experience (A Case Study of Selected Banks in Nigeria)

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JOHN EMEKA EZIKE, OKE M.O
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JOHN EMEKA EZIKE, OKE M.O (2013). Capital Adequacy Standards, Basle Accord and Bank Performance: The Nigerian Experience (A Case Study of Selected Banks in Nigeria). Asian Economic and Financial Review, 3(2): 146-159. DOI:
Capital adequacy standards for banks that operates internationally is of major concern for bank regulators worldwide.  In consequence, the Bank for International Settlements, (BIS) established a framework for measuring capital adequacy for banks in the group of ten (G10), industrialized nations of the world.  The adoption of the standards in the city of Basle came to be referred as the Basle Capital Accord on Capital Adequacy Standard. The Capital adequacy Standard under the Basle accord has been widely accepted worldwide by bank regulators and was implemented by the Central Bank of Nigeria, effective December 2005.  The objective of this study is to investigate the impact of the adoption of the Capital Adequacy Standards on the performance of Nigerian banks.  The study involved the use of ordinary least squares (OLS) estimation technique to examine and determine the effect of the independent variables ??? loans and advances, shareholders funds, total assets and customer deposits ??? on the dependent variables ??? Earnings per share (EPS) and profit after tax.  The results of the analysis showed that capital adequacy standards, exert a major influence on bank performance.  In addition the impact of the Nigerian monetary authority on the new capital requirements was found to be complemented with the adoption of the Basle accord framework.  The study concludes with the recommendation that the CBN should not rely soly on the capitalization of banks as a determinant of bank performance but also should concentrate on efficient and effective bank supervision and risk management.

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