Friday, March 29, 2024
05:47 AM (GMT +5)

Go Back   CSS Forums > CSS Optional subjects > Group I > Economics

Reply Share Thread: Submit Thread to Facebook Facebook     Submit Thread to Twitter Twitter     Submit Thread to Google+ Google+    
 
LinkBack Thread Tools Search this Thread
  #1  
Old Sunday, November 27, 2005
Junior Member
 
Join Date: Nov 2005
Location: kot adu
Posts: 11
Thanks: 0
Thanked 6 Times in 2 Posts
Kaleem ullah shah is on a distinguished road
Default Economics as an optional subject: contact

I have come to know after deep tour of this forum that there is not enough meterial of economics here. So all the economists must teke interest.I am a 'newly MA Economics' and want to discuss it with u . ok waiting for response please............................................ .
__________________
[COLOR=DarkSlateGray]Fields are won by those who believe in winning[/COLOR]
Reply With Quote
The Following User Says Thank You to Kaleem ullah shah For This Useful Post:
sahrysh (Friday, July 24, 2009)
  #2  
Old Monday, November 28, 2005
Junior Member
 
Join Date: Nov 2005
Posts: 1
Thanks: 0
Thanked 0 Times in 0 Posts
ammara arshad is on a distinguished road
Default

aoa,i hd also masters degree in economics. i also decided to take economics as my optional subject. if u dont mind please tell me urs other optional subjects which u decided to take. thanks.
Reply With Quote
  #3  
Old Monday, November 28, 2005
Member
 
Join Date: Nov 2005
Posts: 64
Thanks: 0
Thanked 41 Times in 13 Posts
Muhammad Akmal is on a distinguished road
Default Akmal

hello i am Akmal .Me too have a subject that is Economics.but i have not done MA Economics.
and i have IR, Journlism and Urdu.
Reply With Quote
  #4  
Old Monday, November 28, 2005
Muhammad Adnan's Avatar
Senior Member
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Location: Rawalpindi
Posts: 282
Thanks: 0
Thanked 42 Times in 26 Posts
Muhammad Adnan is on a distinguished road
Default

I m also doing Masters in economics and waiting for my part 1 resulult
well i have other optional subjects are Political Science States and International Relations
Reply With Quote
  #5  
Old Monday, November 28, 2005
Adil Memon's Avatar
37th Common
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: CSP Medal: Awarded to those Members of the forum who are serving CSP Officers - Issue reason: CE 2008 - Merit 120
 
Join Date: May 2005
Location: Gujranwala
Posts: 1,025
Thanks: 334
Thanked 680 Times in 280 Posts
Adil Memon is just really niceAdil Memon is just really niceAdil Memon is just really niceAdil Memon is just really nice
Default A cry for help...

Asalam-o-Alaikum Intellectuals.

You guys have just dropped down from the sky like an angel for me. Nearly a week ago I read an article in Dawn. Generally, I am able to understand articles on economics but this one sounds complex.

Can anyone of you please make a summary of the following article.

I would be extremely grateful to him!

Regards,
Adil Memon

PS: If somebody could just point out the important points elaborately; that would be enough as well.

Truth about good financial management

By Shahid Kardar


THE debate on the contribution to the turnaround in Pakistan’s economic fortunes in recent years of better government macro-economic and financial management, of the faithful implementation of IMF conditions, of debt rescheduling and the generosity of donors after 9/11 continues to rage.

This discussion is meant to argue that the government exaggerates the contribution of its good management of the economy to push up the growth rate. It will argue that there are some key areas well within the control of the government in which achievements have been disappointing. Four such areas of policy failure are discussed below.

The first is the failure to further deregulate the economy, eliminate multiple taxes and get the government off the backs of people through reduction/removal of discretionary powers by repealing or amending many of the outdated regulatory laws and rules that unduly burden the private sector’s cost of doing business, while providing opportunities for corruption to government functionaries.

With the exception of the CBR, where policy and institutional reforms have certainly reduced the private sector’s cost of doing business in the last two years or so, the government’s other efforts (including traditionally weak areas relating to political stability and law and order) to reduce the cost of doing business have not borne much fruit. Hence, even the recent improvement in our international ranking with respect to the domestic environment for private investment does not bring much comfort since China, which ranks several notches below us on this table, attracts most of the world’s foreign direct investment.

The speed of government decision-making continues to be leisurely, compared with the pace at which changes are being made by our international competitors in maintaining their competitiveness. As usual, in a rapidly changing world, we are doing too little too late to address the growing gap between ourselves and our competitors.

In contrast with the daily rhetoric on the high quality financial management supposedly reflected in the marked reduction in the budget deficit, it is instructive that the better balancing of the books has been achieved by cutting down development expenditures, and as a result of the debt re-profiling done by our creditors after 9/11 rather than by expenditure re-prioritization and revenue enhancement.

The gap between government expenditures and its tax revenues continues to be close to seven per cent points of the GDP, the differential that existed in 1999/2000 with the tax to GDP ratio actually worsening from 13 per cent of the GDP to under 10 per cent. That a part of this gap is now being filled by non-tax revenues which are expected to decline as more profitable enterprises like PTCL are privatized cannot be a source of comfort for the future in terms of sustainability, highlighting the macro-economic management capability test of the government, particularly after the October 8 quake.

While acknowledging the major strides made by the State Bank in modernizing and strengthening the capability of the institution to perform its supervisory and regulatory functions and the independence it has shown in its periodic reviews of the economy and the government’s economic and financial management, it has singularly failed to fulfil its primary responsibility with respect to monetary policy. At a time when both the exchange rate and monetary policy were the easiest to handle, thanks to the surfeit of liquidity and the abundance of cheap money in the financial system, the central bank did not perform its principal duty of controlling inflation.

Inflation, contrary to official claims, has not been soaring simply because of the rising prices of oil and food owing to the raising of the support price of wheat. It is also soaring because of the huge increase in money supply allowed by the State Bank, well above the rate justified by the expansion in the economy. As a result, Pakistan has the dubious distinction of having the highest inflation rate in this region; India faced similar pressures but has an inflation rate hovering around the five per cent mark.

In other areas of its jurisdiction the performance of the central bank is judged by its success in controlling inflation. Here the State Bank has stoutly defended its monetary management which resulted in inflation almost reaching double digits. It takes pride in having adopted an accommodating monetary policy that stimulated economic growth by keeping interest rates lower than the rate of inflation and did not use the capital inflows from abroad to retire expensive debts. However, the pursuit of this strategy and a monetary policy that was working at cross purposes compromised its role as an independent agent mandated to keep inflation in check through an interest rate adjustment.

The monetary overhang of 27 per cent by the end of 2004 (less than five per cent of which has been absorbed to date in 2005) is keeping inflation close to nine per cent. With inflation at such levels, the catastrophe of October 8 has hit the economy. A colossal amount of money will be required for the massive relief effort and the gigantic task of reconstructing the devastated infrastructure and houses and buildings, getting the crippled economies of the affected areas up and running again and relieving the misery of what are essentially the poorest sections of the population.

These demands will keep inflation under pressure, requiring deft handling; although for some officials it may provide yet another convenient excuse on which to lay the blame for the continuing inflation. Therefore, the biggest test in recent years for the State Bank has come precisely at a time when leadership change is due at the central bank. The new situation demands that the new governor should have a sound understanding of monetary economics. Owing to poor monetary management a huge opportunity has also been lost to develop a market for low-cost housing finance, hitting the less affluent segments of society, already suffering from the ravages of inflation.

While the financial system was flushed with funds, the federal government managed its debt poorly. When it could have borrowed at low interest rates for a while it stopped issuing seven-to-10 year Pakistan Investment Bonds that could have enabled it to borrow funds at seven per cent. It chose instead to offload six month T-bills at two per cent or so when inflation had begun to climb and there was every sign that the interest rate structure would change and rates would rise sharply.

This flawed strategy cost the government and the taxpayers dearly as the debt profile got skewed in favour of short-term debt. The cost of this poor financial management has been massive — and could be as much as Rs. 100 billion over the next 10 years. While the government should have raised more long-term and relatively cheap debt, it took the bizarre decision to discontinue issuing bonds of longer-term maturities and relied more on short-term bonds.

The short-term debt instruments which were earlier being floated at low interest rates are now being replaced by expensive bonds at high interest rates. Moreover, if the Etisalat-PTCL deal does not go through then the government will have little choice but to borrow another Rs.120 billion to Rs.150 billion at 13 per cent in the form of 10-year bonds resulting in actual loss and not just in cost terms.

Similarly, international capital markets are ostensibly being tapped to diversify the government’s sources of funding and to reduce dependence on multilateral lending agencies for financing. The impressive launching of the first round of bonds, it has been argued, has facilitated Pakistan’s reappearance on the radar screens of investors for not just debt instruments but also for foreign direct investment.

With the government struggling to find ways of utilizing foreign exchange reserves, one is at a loss to understand what it wants to do with the additional mobilization that is being planned at interest rates higher than what we would have to pay for borrowing from the World Bank and the ADB.

These inflows would, at best, earn a relatively nominal return from their investment in other income earning instruments. The overall outcome of such a transaction would be a net capital outflow, since the servicing cost of the bond would be higher than the income stream from the proceeds of these bond sales.

It is not quite clear what would be achieved. The cost of such endeavours will be high since there would be a worsening of the debt profile, with more short-term expensive debt, when cheaper debt of longer-term maturity is readily available from the World Bank and the ADB. The argument that even China with its massive reserves is raising money from international financial markets through bonds of relatively shorter term maturities fails to realize:

a) that when at the turn of the century Pakistan was on the verge of defaulting on its debt obligations it was largely because of the short-term debt that it was finding impossible to service; and

b) China has close to three times Pakistan’s rate of national savings and can afford to adopt even a wrong strategy. It can make such a mistake (this is not to suggest that by raising money from international financial markets it is making such a mistake) as it can easily bear the cost of correction.

The argument that by venturing into international financial markets we can set a point of reference at which we can borrow in the future is misplaced. Our ratings are being monitored and revised continuously. Therefore, our credit rating, and the rates at which we can borrow, could be different every time we enter the market.

A faux pas was also committed in that the Islamic Sukuk bonds were issued on a floating rate at a time when the interest rate environment was changing and the rates were beginning to climb, again reflecting the poor quality of financial planning.

Finally, losses were, and continue to be, incurred on account of poor currency hedging for servicing external debt and because of the currency mismatch of assets and liabilities.

The writer is a former finance minister, Punjab
__________________
"The race is not over because I haven't won yet."

Adil Memon
Police Service of Pakistan (P.S.P)
37th Common Training Program
Reply With Quote
  #6  
Old Monday, November 28, 2005
Junior Member
 
Join Date: Nov 2005
Location: kot adu
Posts: 11
Thanks: 0
Thanked 6 Times in 2 Posts
Kaleem ullah shah is on a distinguished road
Default

thanx for response dears,i have opts indopak history,urdu and economicsand i had my opts in MA labour econo. and advance mathematical econo.we may share all abt economics that we know and i shall share all notes which i feel neccessory for u and u may do so . Allah bless us all

visit it to know abt IMF

www.imf.org/external/pubs/ft/exrp/what.htm#box3
__________________
[COLOR=DarkSlateGray]Fields are won by those who believe in winning[/COLOR]

Last edited by Aarwaa; Monday, August 18, 2008 at 12:16 AM.
Reply With Quote
  #7  
Old Tuesday, December 13, 2005
Junior Member
 
Join Date: Dec 2005
Location: Islamabad
Posts: 3
Thanks: 0
Thanked 2 Times in 2 Posts
ali3 is on a distinguished road
Default

I completed my MPhil coursework this year. Did anyone attempt in 2005 or 2004 with economics? Just want to share my expereinces.
Reply With Quote
  #8  
Old Saturday, June 24, 2006
40th CTP (DMG)
CSP Medal: Awarded to those Members of the forum who are serving CSP Officers - Issue reason: CE 2011 - Merit 23
 
Join Date: Apr 2006
Location: peshawar
Posts: 59
Thanks: 5
Thanked 100 Times in 37 Posts
wassie will become famous soon enough
Default recommended books for economics....

hye brothers!!
I have taken economics as ma optional subject and i need to know the recommended books for economics,which if i study properly could let me have a good grip over the subject.I went through the recommended books on this site but i reckon they'd be a burden coz they'r too much.So could anyone please let me know the names of the books that i need to study keeenly to be well prepared for the subject.
hope somebody would come up to help me out..take care
__________________
I am the Ancestor of my Own Future and the Descendent of my Own Past....
Reply With Quote
  #9  
Old Tuesday, June 27, 2006
Qurratulain's Avatar
Economist In Equilibrium
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: she won the Essay competitionBest Moderator Award: Awarded for censoring all swearing and keeping posts in order. - Issue reason: Best ModMember of the Year: Awarded to those community members who have made invaluable contributions to the Community in the particular year - Issue reason: For the year 2006
 
Join Date: Feb 2006
Location: The Devil's Paradise
Posts: 1,742
Thanks: 118
Thanked 406 Times in 145 Posts
Qurratulain has a spectacular aura aboutQurratulain has a spectacular aura aboutQurratulain has a spectacular aura about
Default

@wassie

Well, in my opinion for paper I K.K Dewett(Modern Economic Theory) & Samuelson (Economics) are enough. But along with this updated case study is also necessay. For Paper II Economics of Pakistan By Syed Kamal Hyder & M.Saeed Nasir is good but here again updated case studies are required. Along with these books if you just go through economic issues in newspapers etc yu can do quite good with your paper.

Regards
__________________
||||||||||||||||||||50% Complete

Last edited by Qurratulain; Wednesday, June 28, 2006 at 12:01 AM.
Reply With Quote
The Following User Says Thank You to Qurratulain For This Useful Post:
Davidd (Tuesday, April 21, 2015)
  #10  
Old Monday, September 01, 2008
Junior Member
 
Join Date: Sep 2008
Posts: 1
Thanks: 0
Thanked 0 Times in 0 Posts
sonia hanif is on a distinguished road
Default

Quote:
Originally Posted by ammara arshad
aoa,i hd also masters degree in economics. i also decided to take economics as my optional subject. if u dont mind please tell me urs other optional subjects which u decided to take. thanks.
hi
i hd also masters degree in economics, wid economics i choose geography nd history of indo pak nd i think its a good match
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Observations on performance of candidates in Written Part of CSS Examination 2005 Aarwaa Subject Analysis 4 Sunday, February 17, 2008 11:21 PM
Subject Selection and Preparation Strategy Last Island Subject Selection 0 Sunday, September 30, 2007 03:15 PM
Eye Health:Caring for Your Contact Lenses prieti General Knowledge, Quizzes, IQ Tests 0 Sunday, January 21, 2007 01:03 AM
Economics an overview Naseer Ahmed Chandio Economics 0 Wednesday, December 13, 2006 09:40 AM


CSS Forum on Facebook Follow CSS Forum on Twitter

Disclaimer: All messages made available as part of this discussion group (including any bulletin boards and chat rooms) and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of CSSForum.com.pk (unless CSSForum.com.pk is specifically identified as the author of the message). The fact that a particular message is posted on or transmitted using this web site does not mean that CSSForum has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to the forum to report any objectionable message in site feedback. This forum is not monitored 24/7.

Sponsors: ArgusVision   vBulletin, Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.