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Publication date: 22 October 2018

Lubna Uzair and Ahmad Nawaz

This paper aims to empirically examine the trade creation and diversion impacts on merchandise imports of Pakistan under the Pakistan–China Free Trade Agreement (FTA). The…

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Abstract

Purpose

This paper aims to empirically examine the trade creation and diversion impacts on merchandise imports of Pakistan under the Pakistan–China Free Trade Agreement (FTA). The analysis of Pakistan’s preferential treatment with its largest trade partner as well as the most substantial exporter of the world will help to shape trade policy, open windows for academic research and also gives an immense contribution in literature.

Design/methodology/approach

A disaggregated panel data on the imports of Pakistan from China and other WTO member countries and tariff concessions at Harmonized System (HS) two-digit level used for the agreement period of 2006-2012. The empirical analysis takes care of bias through robust and panel-corrected standard errors with time, industry-specific effects and controlling for multilateral trade resistance.

Findings

Evidence found in support of trade creation under the Pakistan–China FTA. It means overall this agreement increased the welfare of Pakistani consumers.

Practical implications

Findings are in favour of negotiations and signing for the next round of this agreement and with other major trade partners like the US and Saudi Arabia.

Originality/value

It is worth investigating empirically the impact of preferential trade liberalization between Pakistan – a developing country – and China – the largest importer of the world – explicitly, in the form of trade creation or diversion. The empirical assessment of this FTA signed with the world’s largest exporter will not only contribute immensely to the literature but also help in trade policy formulation and open windows for academic research. Another unique aspect of this study is the use of disaggregated data consisting of all goods imports along with tariff concessions at two-digit Harmonized System (HS) code.

Details

Journal of Chinese Economic and Foreign Trade Studies, vol. 11 no. 3
Type: Research Article
ISSN: 1754-4408

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Article
Publication date: 4 January 2008

M. Mansoor Khan and M. Ishaq Bhatti

The core objective of this paper is to direct worldwide attention towards the unparalleled development in Islamic banking, its infrastructures and supporting institutions in…

14890

Abstract

Purpose

The core objective of this paper is to direct worldwide attention towards the unparalleled development in Islamic banking, its infrastructures and supporting institutions in recent years. This paper articulates the case for Islamic banking in a very comprehensive and effective manner. It depicts Islamic banking as a growing discipline adding more ethical, competitive and diversified tools and systems into global finance. It highlights the paradigm, theory and practice, achievements, pitfalls and future prospects of Islamic banking.

Design/methodology/approach

The paper deals with the Islamic paradigm of borrowing, lending and investment. It presents the conceptual model and practice of Islamic banking. It covers other related issues over the recent development of Islamic banking across the globe.

Findings

The paper observes that Islamic banking has made unprecedented progress over recent years. The Middle East, South Asia and the Indian Subcontinent have emerged as hubs of Islamic banking. Western conventional regulators and investors and other agents have also shown a greater interest in and a receptive attitude towards Islamic banking. Despite all this, Islamic banking has been facing some core problems and challenges that will have deep impacts on its future growth and development.

Research limitations/implications

The paper deals with concepts, information and other facts on Islamic banking that are not supported by any statistical analysis and empirical evidence. Thus this paper may be regarded as being subjective in its real essence.

Originality/value

The paper educates Western market players about Islamic banking tools and systems in their own language so as to bridge the gap between conventional and Islamic banking disciplines. It suggests that Islamic banking is an equity‐based system with conventional features. It makes an important point – that the main players from both the Islamic and conventional streams have a good opportunity to pool their expertise and resources to come up with better solutions in business, investment and finance.

Details

The Journal of Risk Finance, vol. 9 no. 1
Type: Research Article
ISSN: 1526-5943

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