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The paper aims to develop a framework to facilitate the evaluation of the complexities of working in multi-level governance and partnership and to assess the extent to which collaboration adds value in terms of both process and outcomes.

The paper applies the fuzzy analysis hierarchy process (FAHP) to the design of an evaluation framework for partnerships and uses data from a questionnaire survey in Wuhan, China, to validate the framework.

The paper finds that the effectiveness of multi-level governance and partnerships is primarily determined by such factors as clarity of framework for partnership, consensus on mission statement of strategic partnership, mechanisms for joint initiation and implementation of projects and removal of barriers to flow of resources.

The paper shows that policymakers need to adopt an evaluation approach to improve the effectiveness of multi-level governance and partnerships.

The paper provides a framework for building multi-level governance and partnerships in the Chinese context.

Systemic risk is of concern for economic welfare as it can lower the credit supply to all the sectors within an economy. This study examines for the first time the complete hierarchy of variables that drive systemic risk during normal and crisis periods in Pakistan, a developing economy.

Secondary data of the bank, sector and country variables are used for the purpose of the analysis spanning from 2000 to 2020. Systemic risk is computed using marginal expected shortfall (MES). One-step and two-step system GMM is performed to estimate the impact of firm, sector and country-level variables on systemic risk.

The findings of the study highlight that sector-level variables are also highly significant in explaining the systemic risk dynamics along with bank and country-level variables. In addition, economic sensitivity influences the significance level of variables across crisis and post-crisis periods and modifies the direction of relationships in some instances.

The study examines the systemic risk of a developing economy, and findings may not be generalizable to developed economies.

The outcome of the study provides a comprehensive framework for the central bank and other regulatory authorities that can be translated into timely policies to avoid systemic financial crisis.

The negative externalities generated by systemic risk also affect the general public. The study results can be used to avoid the systemic financial crisis and resultantly save the loss of the general public's hard-earned holdings.

The firm, sector and country-level variables are modeled for the first time to estimate systemic risk across different economic conditions in a developing economy, Pakistan. The study can also act as a reference for researchers in developed economies as well regarding the role of sector-level variables in explaining systemic risk.