Asian Economic and Financial Review

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Online ISSN: 2222-6737
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No.2

An Overview of the New Emerging Balance of Forces- ’the BRICS, G 20 and G 7’ Response to the Global Financial Crisis


Pages: 67-82
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An Overview of the New Emerging Balance of Forces- ’the BRICS, G 20 and G 7’ Response to the Global Financial Crisis

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Akhilesh Chandra Prabhakar
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Akhilesh Chandra Prabhakar(2011). An Overview of the New Emerging Balance of Forces- ’the BRICS, G 20 and G 7’ Response to the Global Financial Crisis. Asian Economic and Financial Review, 1(2): 67-82. DOI:

The USA and the EU economies have just been through a severe recession marked by financial turmoil, large-scale destruction of wealth, and declines in industrial production and global trade. As the result of reduction in the demand of products in the global market, continued falling prices due to lack of demand of their products. The USA economy is not competitive now. The current international financial crisis was an explosion that was the ultimate result of the accumulation of a number of unbalanced, inconsistent and unsustainable factors in the world economy. It is a reflection of the limitations of the liberal capitalist development concept of Western countries. It also shows the dangers of blindly copying the Western development model. The BRICS countries (Brazil, Russia, India, China and South Africa) and the G 20 replacing the G- 7 in the wake of the economic crisis, as the premier global forum to deal with the crisis, reflected a relative decline in the power of the US and other advanced capitalist countries. The BRICS can represent the interests of all the developing countries. The BRICS countries are not only the emerging largest economies but its growing strong economic and political relationship with the African, Latin American and Asian countries; it may change in the international economic order through using common currency in trade, sharing their own science and technology to improve and transform in agriculture, energy, and industrial sectors, and establishing a new military block so they can provide security from the imperialist aggression. Of course, China would be as backbone of the BRICS.


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Driving Forces of Globalization in Emerging Market Economies Developing Countries


Pages: 83-94
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Ghirmai T. Kefela
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Ghirmai T. Kefela(2011). Driving Forces of Globalization in Emerging Market Economies Developing Countries. Asian Economic and Financial Review, 1(2): 83-94. DOI:

The paper will deal mainly with the macroeconomics of globalization (trade and finance), but before proceeding, a final distinction needs to be drawn between globalization and liberalization. Developing countries themselves had to take some important steps before the full impact of globalization could be felt. Specifically, they had to open their own economies, to lower the barriers to trade and capital flows that had been an important component of the import-substitution industrialization model that almost all followed for some period. Without these policy shifts, globalization would be much less relevant than it is today, especially in the developing world. Liberalization, then, is the other side of globalization.


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Factors Affecting the Real Estate Prices in Pakistan


Pages: 57-66
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Factors Affecting the Real Estate Prices in Pakistan

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Mehmood khan kakar, M. Ali kakar
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Mehmood khan kakar, M. Ali kakar(2011). Factors Affecting the Real Estate Prices in Pakistan. Asian Economic and Financial Review, 1(2): 57-66. DOI:

The current study examines the effect of factors influencing the prices of real estate in Quetta city. Hypothetically, this study is based upon five observed factors (urbanization, refugees’ influx, monetary, lack of investment alternatives and inflow of foreign remittances) in relation to the prices of real estate. Questionnaire developed on the basis of above variables were administered to a heterogeneous sample of 50 property dealers and Quetta Development Authority. Descriptive statistics (percentage, percentile and frequency distribution) were used to identify the level of influence and the relation of above mentioned attributes towards the prices of real estate. The results revealed that the prices of real estate in the region have been on an increasing trend and strong influence of all variables especially of government’s monetary and fiscal polices and urbanization was found significant on the prices of real estate in Quetta.


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Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Analysis


Pages: 49-56
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Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Analysis

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Behrooz Shahmoradi, Mostafa Baghbanyan
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Behrooz Shahmoradi, Mostafa Baghbanyan(2011). Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Analysis. Asian Economic and Financial Review, 1(2): 49-56. DOI:

The aim of this paper is to explore, by estimating a panel data econometric model, the determining factors of foreign direct investment (FDI) inflows in developing countries over the period of 1990-2007. The study is based on a sample of panel data on 25 developing countries. In the model, dependent variable is FDI inflows. Independent variables are FDI outflows, GDP, BOP, population, openness of the economy, mobile, internet, technology, ODA and labor. According to the econometric results, in the main model, openness of the economy, market size, availability of labour force, ODA, mobile, technology and internet have positive effects on FDI inflows in developing countries.


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