Muhammad Kamal

• PhD
• Professor (Assistant) at Abdul Wali Khan University Mardan

This study investigates the impact of government spending on private consumption a case study of China. We used Autoregressive Distributed Lag (ARDL) approach to estimate the long and short run effects of the model using annual data from 1985 to 2013. The results of the study revealed that government spending have positive impact on private consump...

Environmental sustainability concerns have led to an increased focus on climate finance, resulting in substantial investments to boost financial sector development. However, recently, climate initiatives have encountered multiple policy uncertainties. This study aims to empirically investigate the impact of U.S. climate policy uncertainty (CPU) on...

Stock markets augment industries by raising and circulating capital in the economic system. This article examines the relationship between economic policy uncertainty (EPU) shocks and stock market development (SMD) in China. To this end, we utilize a novel EPU index the Nonlinear Autoregressive Distributed Lag (NARDL), and the Breitung-Candelon spe...

The clean energy industry has recently garnered marked attention, as it does not only mitigate greenhouse gas (GHG) emissions, but it also serves as a novel investment avenue, which may propel the size of the stock market. With this backdrop, this study aims to assess whether clean energy augments the size of the stock markets in China, utilizing t...

The emergence of cryptocurrencies, as well as global commodity price volatility, have affected the global stock market performance. The recent pandemic outbreak has exacerbated the situation. Against this backdrop, we sought to explore the relationship between cryptocurrencies, commodity, and stock market performances in South Asia, by segregating...

The greenhouse gas (GHG) emissions from agriculture, forestry, and other land use (AFOLU) account for more than 10% of the total GHG emissions in Iran. To reduce the environmental impact, assessments of Iran's GHG emissions status are critical for identifying the national policies to achieve Sustainable Development Goals (SDGs) in the bio-based ind...

Financial inclusion is critical in extending financial services to even the most remote people, thereby contributing to economic prosperity by creating revenues. Nevertheless, researchers all across the world have discovered that economic and financial events frequently disrupt financial inclusion. Considering the growing importance of financial in...

This study employed the revealed comparative advantage (RCA), revealed symmetric comparative advantage (RSCA) and Vollrath’s indices to measure Pakistan’s export competitiveness of cotton yarn in the world. Meanwhile, the country’s export competitiveness is evaluated using the comparative advantage by countries index in China, the world’s largest c...

This study employed the revealed comparative advantage (RCA), revealed symmetric comparative advantage (RSCA) and Vollrath’s indices to measure Pakistan’s export competitiveness of cotton yarn in the world. Meanwhile, the country’s export competitiveness is evaluated using the comparative advantage by countries index in China, the world’s largest c...

Purpose: The purpose of this study is to quantitatively determine the impact of electronic word of mouth (eWOM) on the travel intention of Vietnamese social network users. The study proposes solutions to develop online marketing strategies in tourism to quickly restore the tourism industry after the COVID-19 pandemic. Theoretical framework: This st...

Foreign institutional investment has played a significant role in India’s recent economic progress. During the 2008 global financial crisis, the influence of foreign institutional investment on India’s economic growth was uneven. With this context in mind, the objective of this study is to analyze the influence of COVID-19, COVID-19 vaccines admini...

Wheat is one of the essential food resources, and its cultivation is one of Iran's most vulnerable activities to climate change. In this context, this study aims to unravel the effects of climate change on both irrigated and rain-fed types of wheat yield in Iran and across different regions to provide valuable insights to researchers, policymakers,...

This research article sheds light on the dynamic relationship between environmental regulations changes and stock market development in China. Utilizing the nonlinear autoregressive distributed lag (NARDL) and the nonlinear causality approaches, we observed a nonlinear causal relationship between environmental regulations changes and stock developm...

The prime objective of this study is to examine the impact of industrial output and financial development on carbon dioxide emissions for a panel of 10 newly industrialized countries, namely Brazil, China, India, Indonesia, Malaysia, Mexico, Philippines, South Africa, Thailand, and Turkey. The empirical analysis was conducted between 1982 and 2019...

The prime objective of this study is to examine the impact of industrial output and financial development on carbon dioxide emissions for a panel of 10 newly industrialized countries, namely Brazil, China, India, Indonesia, Malaysia, Mexico, Philippines, South Africa, Thailand, and Turkey. The empirical analysis was conducted between 1982 and 2019...

This paper aims to investigate the effect of environmental regulations on inward foreign direct investment in China. For this purpose, a panel threshold model was constructed to assess the threshold effects of environmental regulations on the influx of foreign direct investments (FDI) . The findings indicate that, under the influence of human capit...

Based on nonlinear autoregressive distributed lagged (NARDL) model, FDI is divided into two shocks (FDI⁺ and FDI⁻) to analyze its impacts on China’s carbon emissions. Outcomes confirm that: in the short-term, FDI⁺ notably promoted China’s carbon emissions, while FDI⁻ shed no significant light on it; in the long-term, both FDI⁺ and FDI⁻ significantl...

The relationship between financial development indicators and non-performing loans (NPLs) has garnered significant attention, especially in emerging countries. The puzzle of whether financial sector development increases or decreases Non-performing Loans (NPL)s has not been resolved to the satisfaction of the curious mind. This research attempts to...

The banking sector of the emerging economies is continuously confronted with the puzzle of non‐performing loans (NPLs). To solve this puzzle, researchers have investigated various determinants of non‐performing loans; however, the issue persists. The current study explores the impact of the shadow economy, institutional regulatory framework, govern...

Purpose: The advent of the ntech revolution has brought a tremendous increase in the dissemination of digital nancial services. Although digital nancial services increase nancial inclusion through nancial intermediation, it also increases the chances of systematic risk. Need: In the quest to satisfy the curious minds, the authors have examined the...

Globalization and economic interconnections have recently garnered a lot of attention, and scholars and policymakers are delving into the effects of policy uncertainty on macroeconomic fundamentals against this backdrop, the current study investigates the symmetric and asymmetric effects of economic policy uncertainty (EPU) in the USA and China on...

Under the Belt and Road initiative, the cooperative network between Chinese firms and participating countries has evolved rapidly to seek new markets for foreign investment. Foreign investment is one of the most effective ways of improving environmental energy efficiency through technology spillover. Therefore, first, this article applies the forei...

South Asia primarily consists of developing economies with diverse financial systems. The commercial banking industry plays a crucial role in each country’s financial development in the region. This research aims to evaluate commercial banking industries’ efficiency and productivity growth in the South Asian (SA) region over 6 years (2013–2018). In...

Motivated by the unprecedented high levels of recent economic policy uncertainty, the current study examines the influence of economic policy uncertainty, institutional quality, and corruption level on the Indian banking stability and the growth of digital financial services. Using the Baker et al.’s economic policy uncertainty index and nonlinear...

Amidst all the uncertainties over the future of Afghanistan, recent developments can potentially provide an opportunity for an enhanced bilateral trade relationship between Pakistan and Afghanistan. Both countries have a long history of the economic relationship, however, regime changes and political tensions across the borders have adversely affec...

Pakistan's economy has been plagued with serious macroeconomic challenges for some time now. Pakistan has long struggled with dwindling foreign exchange reserves, sluggish export growth, deteriorating economic growth, surging inflation, mounting debt, rising poverty, and a twin deficit crisis. Consequently, the economic progress is being slowed dow...

Pakistan's economic woes are aggravating with shrinking foreign exchange reserves, rising inflation, historic currency devaluation, and escalating current account deficit – forcing the country once again to borrow funding from external sources such as IMF and Saudi Arabia.

Pakistan has a longstanding history of economic and political cooperation with the Gulf Cooperation Council (GCC), a regional economic and political organization, comprises of Oman, Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, and Kuwait. The regional giant organization has GDP of around $1.6 trillion, with over $1300 billion in trade vo...

Pakistan is ranked 92nd out of 116 nations in the Global Hunger Index (GHI) in the year 2021. The country has a level of hunger that is categorized as ‘serious’, with a score of 24.7. On the regional level, Pakistan is better positioned as compared to India ranked 101, while the other two close regional neighbors; Bangladesh and Sri Lanka outshined...

Gender inequality refers to the variability in the conditions that women and men encounter when exercising their full human rights. In 2015, 193 nations have agreed to the Sustainable Development Agenda (2030), which comprises 17 Sustainable Development Goals (SDGs), several of which address gender inequality to varying degrees. Goal-4 specifically...

The article is published in International Newspaper "The News" on February 07, 2022. https://www.thenews.com.pk/print/931426-rebasing-gdp

The environmental degradation and the concern for sustainable development have garnered extensive attention from researchers to evaluate the prospects of green bonds over other traditional assets. Against this backdrop, the current study measures the asymmetric relationship between green bonds, U.S. economic policy uncertainty (EPU), and bitcoins b...

This study aims to unravel the environmental effects of institutional quality in relationship with China’s Foreign Direct Investment (FDI) in Belt and Road Initiative (BRI) countries. The empirical analysis is conducted over the period 2003–2018, using the System-GMM approach with the Windmeijer finite-sample correction. We infer that China’s FDI h...

The emergence of cryptocurrencies, as well as global commodity price volatility, have affected the global stock market performance. The recent pandemic outbreak has exacerbated the situation. Against this backdrop, we sought to explore the relationship between cryptocurrencies, commodity, and stock market performances in South Asia, by segregating...

Foreign direct investment can be a way to promote modern energy-efficient technology in Belt & Road countries, and this aspect has yet to be explored. Therefore, we set three simultaneous equations to determine the role of foreign direct investment inflow, technological innovations, natural resources, population density on biomass energy consumptio...

The advancement in fintech technological development in emerging countries has accelerated the role of digital finance in economic development. Digital finance assists in financial inclusion; however, it may also increase the chances of financial instability due to systematic risks. Emerging countries are also in the clutches of shadow economic gro...

Environmental pollution caused by carbon emissions is an emerging issue to study among researchers. The nexus between environmental pollution and carbon emissions has motivated researchers to evaluate the impact of cleaner energy on carbon emissions. This study further contributes to the research by examining the above relationship by studying the...

This paper empirically investigated the trade competitiveness and trade potential of Pakistan and ASEAN countries in the Chinese market. The study utilizes trade data for the period of 2003–2019 to assess the bilateral trade aspects by using an extended gravity equation. In addition, the PPML model and constant market share analysis are applied to...

Financial sector development is essential for sustainable economic growth. However, the impact of financial sector development on nonperforming loans(NPLs) among emerging countries is inconclusive. For this purpose, the study investigates the relationship between financial sector development and NPLs among BRICS countries, covering the period from...

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COVID-19 is certainly the first sustainability crisis of the 21st century. The paper examines the impact of COVID-19 on the Indian stock and commodity markets during the different phases of lockdown. In addition, the effect of COVID-19 on the Indian stock and commodity markets during the first and second waves of the COVID-19 spread was compared. A...

China-Pakistan Free Trade Agreement (CPFTA) increased trade between China and Pakistan, however, it also swelled Pakistan trade deficit with China. The empirical findings of this paper suggest that CPFTA positively contribute to Pakistan exports to China and her imports from China but the increase in Pakistan imports was far greater than Pakistan e...

Purpose Culture and institutions are among the essential sources of comparative advantage in international trade and may influence a country's FDI influx. This paper aims to analyze the impact of cultural distance (CD) and institutional distance (ID) on the efficiency of China's outward foreign direct investment (OFDI) for the panel of 43 countries...

Fostering energy efficiency is one of the most effective ways to sustain economic growth while addressing climate change and limiting emissions. On the other hand, the pattern of international trade has changed many folds. The present study quantified the value-added trade (VAT) and developed a simultaneous equation model to empirically analyze the...

The relationship between environmental regulations and foreign direct investment (FDI) has garnered extensive attention, particularly in the context of China. The puzzle of whether environmental regulations deter or lure FDI has not resolved to the satisfaction of the curious mind. This research endeavor is to answer the question by exploring the a...

The objective of this study is to investigate operational efficiency, productivity, and associated differences between the operational efficiency and productivity of Pakistan's private, public, and foreign banks over the period 2006-2017. To measure the operational efficiency scores and productivity growth change, we used data envelopment analysis...

Owing to declining export growth and escalating trade deficits in Pakistan, this study investigates the dynamics of comparative advantage, complementarity, and pinpoints potential export products in the ASEAN region. This study scrutinizes the trade dynamics between Pakistan and ASEAN over the period 2003-2016 by extracting International Trade Cent...

By using statistical tools of revealed comparative advantage, trade complementarity, constant market share, and stochastic frontier gravity model, this study inspects the export performance and trade potential of Pakistan in the Central Asian region. The range of the study is from 2003 to 2017. The study finds that Pakistan has the highest comparat...

While considerable efforts have been made to address the relationship between urbanization and environmental issues, few of them focus on household emissions. Thus, this work aimed at evaluating the effect of urbanization on household wastewater emissions, and made a distinction between the efficient- and the inefficient-emissions. We compiled a Ch...

Urban household wastewater has surged with the urbanization in China, treatment of which demands attention. Utilizing China’s urban panel data from 2005 to 2015, this article evaluates whether governmental wastewater treatment service changes urban residents’ wastewater‐discharging behaviors. The outcomes reveal that: (a) in the short‐run when the...

This study investigates the impact of government spending on private consumption a case study of China. We used Autoregressive Distributed Lag (ARDL) approach to estimate the long and short run effects of the model using annual data from 1985 to 2013. The results of the study revealed that government spending have positive impact on private consump...

The study uses annual data from 1971 to 2013 and applies Keynesian Consumption Function (KCF) and the Permanent Income Hypothesis (PIH) in order to estimate consumption functions of SAARC countries. The empirical results show that in the short run, the difference between KCF and PIH under Marginal Propensity to Consume (MPCs) is quite large. This d...

The developing world is facing pivotal challenges in recent times. Among these, global warming has ominous repercussions on every segment of society, thus tracing its underlying causes is imperative. This research attempts to investigate the impact of urbanization and energy consumption on carbon dioxide emissions (CO2) for a panel of 8 Asian count...

Energy demand is rising day by day, driven mainly by the development of countries. At the same time, uneven economic growth in countries is the prime cause of inequality in energy consumption. Keeping in view the worth of energy in the growth process, this study quantifies the impact of energy inequalities and trade on environmental quality over th...

This research article investigates the extent to which military expenditure changes hold an asymmetric impact on stock market development in China, employing the nonlinear Autoregressive Distributed Lag (NARDL) approach. The NARDL results confirm that the positive and negative shocks in military spending have significant positive (negative) impact...

The fundamental objective of this study is to estimate for basic trade elasticity and assess the impact of trade liberalization on Pakistan's import demand in bilateral case for a sample of selected countries. In sample, countries are selected from both the developed and developing world on account of their greater share in Pakistan's total imports...

This article investigates the impact of institutional difference and natural resource endowment in developing host countries on the location choice of Chinese OFDI. We found that institutional difference between China and host countries insignificantly affect the flow of Chinese OFDI, however, when observed on sectoral levels; Chinese investment is...

This article investigates the interactive effect of institutional quality and natural resources (divided into fuel and nonfuel resources) on the flows of Chinese outbound foreign direct investment (OFDI) in host countries in Asia and Africa. The findings of the article indicate that institutional quality in host countries affect the flow of Chinese...

ABSTRACT: This article investigates the interactive effect of institutional quality and natural resources (divided into fuel and nonfuel resources) on the flows of Chinese outbound foreign direct investment (OFDI) in host countries in Asia and Africa. The findings of the article indicate that institutional quality in host countries affect the flow...

The study uses annual data from 1971 to 2013 and applies Keynesian Consumption Function (KCF) and the Permanent Income Hypothesis (PIH) in order to estimate consumption functions of SAARC countries. The empirical results show that in the short run, the difference between KCF and PIH under Marginal Propensity to Consume (MPCs) is quite large. This d...

Asia is a heterogeneous region including countries with distinct features in quite a few facets. This study is designed to unravel the motivations of Chinese FDI in 30 Asian countries (For list of countries see Appendix 1.) during 2003–2016. For estimation, we utilised the Random effect (RE), Fixed effect (FE) and System-GMM (SGMM) methodologies. W...

This study has evaluated the impact of agricultural credit on livestock income in district Lasbela, Balochistan. For assessment, we have used primary and secondary data to test the relationship between agricultural credit and livestock income. The results of the study indicate that agricultural credit help to develop livestock sector and enhance li...

Highlights  Estimate consumption function for China and G7 countries.  The bounds testing approach is used.  Private consumption determines economic growth. Abstract Purpose: The objective of the study is to estimate consumption function for China and G7countries. Methodology: The study applied ARDL approach to estimate consumption function over...

This study examines the regulatory hypothesis for bank dividend payouts using a panel dataset of 229 Italian banks over the period 2005-2012. Regulatory hypothesis suggests that undercapitalized banks face more regulatory pressure for increasing capital levels by paying lower amount of dividends. Empirical results support the regulatory hypothesis...

The study investigates the effect of deregulation of the Indian financial system in 1991 followed by various financial sector reforms on productivity growth of Indian scheduled commercial banks, with exclusion of Regional Rural Banks, over the period of time, from 2002 to 2010.The results of our study show that the performance of the Indian banking...

This paper attempts to provide empirical evidence regarding the growth in productivity of the Indian banking industry. The basic aim of the paper is to find out whether there has been any increase in the productivity of the Indian banking industry as a whole, over the period 2002 to 2010. Furthermore, a sample comprises of twenty banks has been com...

This study investigates empirically the determinants of China’s outward foreign direct investment in South Asia. Our estimation results based on the panel data for five South Asian economies (Bangladesh, India, Nepal, Pakistan and Sri Lanka) over the period 2003 to 2012. POLS method is used for estimation of model after conducting Hausman specifica...

The fundamental objective of this paper is to show the pattern and magnitude of Chinese Foreign Direct Investment (FDI) in Asia and respond to the question: what determines the spectacular surge in Chinese FDI inflow to Asia in recent time? This study will enable the policy makers to devise and execute polices to attract further Chinese FDI in futu...

This study investigates empirically the determinants of China’s outward foreign direct investment in South Asia. Our estimation results based on the panel data for five South Asian economies (Bangladesh, India, Nepal, Pakistan and Sri Lanka) over the period 2003 to 2012. POLS method is used for estimation of model after conducting Hausman specifica...