This study examines the dual role of Pakistan’s tariff policy in raising fiscal revenue and shaping export competitiveness over the period 1981–2024. Using a Two-Stage Least Squares (2SLS) time-series framework, it estimates how tariff changes affect imports, exports, and government revenue. The results show that a one percent increase in tariff rates on production-related imports reduces their inflow by about 0.28 percent, while a one percent increase in production-related imports raises exports by about 1.26 percent. Together, these findings indicate that tariff rationalization supports export growth indirectly, by improving firms’ access to the imported inputs used in domestic production. While tariff reductions encourage the import of essential inputs and strengthen export performance, higher tariffs generate only short-term revenue gains. The findings point to a clear trade-off: tariff elasticity of revenue is positive in the short run, whereas export elasticity is negative and statistically significant. These results are highly relevant as the Tariff Policy 2019–24 has concluded and a new framework for 2025–30 has just started. The study recommends gradual tariff rationalisation, a reduction in para-tariffs, and targeted protection for strategic industries to balance revenue considerations with long-term export competitiveness.
KEYWORDS: Tariff rationalization, export competitiveness, government revenue, import elasticity, two-stage least squares (2SLS).
JEL: F13, F14, H20, C22.

We studied the impact of phrasing on consumer inflation expectations in Pakistan using an online survey. Our results imply that optimal phrasing of the question can significantly reduce bias in responses. When the question is asked as an absolute change from PKR 100, responses are high and volatile, with many in multiples of tens and fifties. Moreover, we studied the impact of closed-ended questions on inflation expectations and found that responses to closed-ended questions suffer from central tendency bias. Our study also confirms the impact of information on the formation of inflation expectations. When presented with information about current inflation levels, respondents tend to lower their inflation expectations. Literature provides two possible reasons for this: information bias or social bias.
KEYWORDS: Inflation, expectations, bias, Pakistan.
JEL: C83, E31.

Unintended pregnancies remain an important reproductive health concern in Pakistan, particularly given high fertility rates and low contraceptive use. This study examines how past fertility intentions and contraceptive use influence subsequent pregnancy experiences. Data from 1,874 women in union aged 15–49 from the Longitudinal Panel Study: Performance Monitoring for Action (PMA) Framework (2020–2022) were analyzed. Fertility intentions were measured by women’s desire to delay or limit pregnancies, and contraceptive use was recorded as use of any method. Results indicate that women who previously expressed a desire to delay pregnancy still experienced subsequent pregnancies, and those using contraception were less likely to report unintended pregnancies. Specifically, 47% of women in round 2 and 81% in round 3 who wished to delay pregnancies reported a subsequent pregnancy, while 40% and 43% of contraceptive users in the baseline and midterm periods, respectively, experienced fewer unintended pregnancies. These findings highlight the need to strengthen women-focused family planning programs, improve access to effective contraceptive methods, and provide counseling tailored to women’s reproductive goals.
KEYWORDS: Fertility, contraceptive, health, monitoring, Pakistan.
JEL: C33.

This paper estimates the impact of unanticipated public debt shocks on economic growth in Pakistan using a forecast-error identification strategy. Exploiting deviations of realized debt outcomes from contemporaneous IMF forecasts for the period 1994–2025, the analysis finds that a 1 percentage point increase in the public debt reduces real GDP by about 0.21 percent in the subsequent year. Extending the analysis to allow for nonlinearities, a debt threshold of 57 percent of GDP is identified, beyond which debt exerts a drag on growth. The findings highlight the macroeconomic costs of fiscal surprises and persistently high debt-to-GDP ratios, underscoring the need for a credible medium-term fiscal reform strategy.
KEYWORDS: Public debt, shocks, economic growth, Pakistan.
JEL: H68, O49.

Board diversity, a key determinant of strategic decision-making and financial performance, has gained enormous attraction from academia, fascinating scientific researchers to contribute to this topic. Among various dimensions of diversity, board gender diversity has received substantial academic and regulatory attention due to its theoretical grounding and empirical relevance. This study is an effort to systematically evaluate the existing literature on board diversity through a mix of bibliometric and content analysis of 400 research articles retrieved from the Scopus database for the time period 2015-2023. The findings reveal strong international collaboration between researchers from developed and developing economies, with publications concentrated in top-ranked finance and governance journals. This study also identifies several theories describing the board gender diversity and firm performance nexus. This study also examines the trending themes, highlights impediments to growth in literature and makes recommendations for future studies. Among other attributes, this study only focused on gender diversity and future studies should focus on other definitions of diversity, e.g., age, nationality, size, education level, tenure, and experience
KEYWORDS: Board diversity, firm performance, bibliometric analysis, content analysis.
JEL: M12, M14.

Research suggests that politics plays a pivotal role in public service provision in contexts of scarce resources. However, there is limited evidence available on how dynastic politicians influence public service delivery. We examine this question in the context of the health sector in Punjab, Pakistan. By employing a representative sample of rural health clinics, we develop measures to capture doctors’ outcomes at the clinic level. These data are then matched with provincial constituency-level data to study the impact of having a dynastic member of the parliament (MP) on doctors’ assignment, attendance, and tenure in their respective constituencies. Our findings show that having a dynastic MP has no discernible impact on the assignment and attendance of doctors. However, clinics in constituencies with a dynastic MP have relatively experienced doctors. Furthermore, our suggestive evidence from the Pakistan Household and Living Measurement Survey (PSLM) shows that individuals living in districts with a higher proportion of dynastic MPs report lower improvements in clinic services and are less satisfied with those services. Our main findings remain robust to various alternative explanations.
KEYWORDS: Political Dynasties, Public Goods Provision, Pakistan, PSLM.
JEL: H51, H89.

The Government of Pakistan reimburses SAR 30 in Telegraphic Transfer Charges (TTC) for every USD 100 or more transferred by a foreign MTO into the country, as compensation for their transaction costs. In May 2020, the government removed this facility for KSA, citing zero transaction costs announced by the KSA authorities for digital money transfers from the kingdom. The inflow of workers’ remittances from KSA began to decrease once KSA eased the travel ban. This paper aims to estimate the impact of the withdrawal of TTC reimbursement on remittances flowing from KSA to Pakistan. The difference-indifference (DID) method is applied to data from July 2018 to September 2022. The estimates indicate that this policy caused an average monthly decline in remittances from KSA between US$ 31 million and US$ 76 million. The findings appear to be robust to various estimation adjustments.
KEYWORDS: Pakistan, remittance inflow, policy impact, Covid-19, panel data.
JEL: F24, F31.

This study examines the relationships among financial development, renewable energy, institutional quality, and carbon dioxide (CO2) emissions using dynamic panel data techniques from 1990 to 2020. The empirical results of the econometric analysis suggest that financial development does not necessarily reduce CO2 emissions unless institutional quality improves. Financial development exacerbates environmental deterioration by increasing CO2 emissions in all regions except Europe, whereas renewable energy consumption and institutional quality improve environmental quality. Thus, good institutional quality emerged as a mediating variable between financial development and environmental quality in curbing CO2 emissions and promoting sustainable development worldwide.
KEYWORDS: Carbon dioxide emissions; economic growth, financial development; institutional quality; renewable energy consumption, system GMM.
JEL: E31, Q41.

This paper explores the economics of environmental sustainability practices in the hospitality industry, focusing on the operational efficiency of hotels, cost-effectiveness, and return on investment (ROI), with a specific focus on the emerging market in Pakistan. Results indicate that green retrofits, including LED lighting and HVAC optimization, deliver average energy savings of 25-40 percent, payback periods of 1-5 years, and internal rate of return (IRR) of 18. Food-waste minimization systems, such as Winnow and Leanpath, have a 7:1 ROI in two years, and water recycling systems reduce consumption by 20-30 percent in less than four years. Hotels that operate sustainably worldwide show reduced operating costs by up to 30 percent and premium rates of 5-15 percent, based on customer willingness to pay higher rates in environmentally conscious hotels. The article presents a combination of comparative ROI modeling, policy SWOT analysis, and cross-regional benchmarking to assess the feasibility and scalability of green investments. By linking economic indicators to environmental performance, this research confirms that sustainability practices are not only environmentally advantageous but also economically strategic.
KEYWORDS: Pakistan, remittance inflow, policy impact, Covid-19, panel data.
JEL: E22, F64, O13.

It is widely believed that resources are becoming scarcer, and measuring their availability is crucial for efficient allocation. This study measures the availability and affordability of essential items in Pakistan before and after COVID-19. Time Price, Price Elasticity of Population (PEP), and Simon Abundance Index (SAI) are calculated to analyze thirty-nine items from Pakistan's CPI basket. The findings reveal that from 2006 to 2018, the Time Price decreased for almost all items, indicating increased affordability and resource abundance relative to population growth. However, the COVID-19 pandemic significantly increased the Time Prices of essential commodities, making them less affordable and less abundant. Policymakers are advised to adjust wages to maintain purchasing power and to adopt resilient strategies to ensure Pakistan is well prepared for such crises.
KEYWORDS: Resource abundance, time price, Simon abundance index, inflation measurement, COVID-19 impact, Pakistan.
JEL: E31, C43, J21, O47.