Empirical examination of public debt sustainability in African economies: A panel data analysis

This study intends to investigate public debt sustainability across 29 Sub-Sahara African (SSA) economies, employing various econometric specifications, for the sampled years 1996–2020. The study employs Bohn's (Are stationarity and cointegration restrictions really necessary for the intertemporal budget constraint? Journal of monetary Economics, 54(7), pp.1837–1847.) framework of sustainability as the baseline model to assess public debt sustainability across the sampled Sub-Sahara African economies. As additional tests of public debt sustainability in order to support the baseline findings, the study also employs panel unit root and timeseries unit tests. The baseline findings from the OLS, panel quantile and instrumental panel quantile regressions show that public debt is sustainable across the panel of SSA economies. The positive and statistically significant response of primary balance under the Bohn's framework of sustainability manifest that the intertemporal budget constraint is not violated in the sampled economies. The consistency in the estimates under the OLS, panel quantile and instrumental panel quantile regressions also show that the estimates are robust throughout the estimation process. Also, utilizing the panel unit root test for public debt sustainability, the findings show that public debt is stationary over the sampled years which implies that intertemporal budget constraint holds and that public debt is sustainable across the sampled SSA economies. However, the timeseries analysis indicate that although majority of the SSA economies have sustainable public debt ratios, four countries namely Uganda, Sudan, Togo and Cote d'Ivoire have unsustainable public debt ratios. The study has important policy implications in terms of prudent public debt management and fiscal management for the sampled SSA economies.     

Development-driven forced displacement and compensation-based resettlement: experiences from the Jamuna multi-purpose bridge project

In 1998 the Jamuna Multi-Purpose Bridge (JMB), the largest infrastructure development project in Bangladesh was completed. Huge numbers of households were affected by the project and many were displaced. Only a handful of displaced people were resettled by the project. The JMB was the first development project in Bangladesh that included resettlement activities as an integral part of the project and introduced a resettlement action plan. In principle, the Revised Resettlement Action Plan endorsed the primary principle of Operational Directives 4:30 of the World Bank. The resettlement project's core objective was to improve the living standards of project-affected persons above their previous level, or at least reinstate their pre-project standard. To meet the goals, various grants and supports were given as compensation. The project has earned international admiration as an example for other projects to follow. This study investigates the extent to which Jamuna Multi-Purpose Bridge's compensation-based resettlement succeeded in reconstructing displaced households, and identifies discrepancies between policy and practice. It concludes with major findings and comparative analysis on the compensation principle, and provides opinions based on information gathered from the field.     

An empirical testing of informational efficiency in Bangladesh capital market

We investigate how efficiently the stock market participants incorporate the information contained in money supply changes into stock prices in an emerging economy like Bangladesh. Of particular interest is to test how the changes in monetary aggregates directly affect the stock prices through asset changes and indirectly through their effects on real economic activity. We have considered the monthly series of the real stock returns (P) and examine the relationship between stock returns and monetary aggregates from 1980 to 2008. We also include the exchange rate of US dollar against Bangladeshi Taka and industrial production index. The presence of cointegration between stock prices and monetary aggregates indicate long-run predictability of the Bangladesh stock market. The short-run dynamics between monetary aggregates and real stock return, relied on theoretically motivated long-run restrictions, are analyzed using an empirical structural VAR model. The dynamic response of the real stock returns to changes in macroeconomic variables (such as broad money supply, exchange rates), particularly its lagged responses to real economic activity generates inefficiency in the Dhaka Stock Exchange. The findings of this article indicate that informational inefficiency exists in the stock market of Bangladesh due to the presence of unidirectional causality. To be efficient, the infrastructure of the SEC should be modernized, revaluation of the net asset value of the companies should be audited by the affiliated firms of the SEC, demutualization should be done as early as possible, private placement, issue of preference share and book building methods must be under rule based. Insider trading should be strictly prohibited.     

Role of blogging in perceived learning and satisfaction of students

The contemporary smart concepts of education signify a heavy role of blogging tools in digital learning environments that have a substantial effect on students' learning and satisfaction. This study aims to analyze the influence of students' four perceptions about blogging that is, perception of digital technology (PDT), perceptions of teaching and learning (PTL), perceptions of previous blogging experience (PBE), and perceived usefulness of blogging (PUB) on the frequency of blogging and then assesses the impact of the frequency of blogging on perceived satisfaction as well as perceived learning of students. For this purpose, the researchers conducted a quantitative study with a positivist approach in which the data were collected from 350 students in Anhui Province, China to conduct analysis of the proposed relationships. The results of the current study suggest that there is a positive impact of PDT, PTL, PBE and PUB on the frequency of blogging. It means that the positive perceptions of students towards digital technology, teaching and learning, previous bogging experience and usefulness of blogging result in higher frequency and use of blogging activity. It further indicates that the high frequency of blogging has ultimately a positive impact on perceived satisfaction and perceived learning. The discussion and findings of the current study have useful implications for theory and practice because they provide empirical evidence and theoretical guidelines about the role of blogging in perceived learning and satisfaction.     

Climate finance in the Greater Mekong Subregion (GMS)

Greater Mekong Subregion (GMS) countries lack sufficient funds to combat climate change. The growth of projects under the clean development mechanism (CDM) is not consistent in the region and the relation of that growth to national GDP is not equivalent either. The disbursement of climate funds promised by different countries and donor organisations to different countries in GMS region is very low. A few countries have relied more on external funds to combat climate change, while some have developed their own funds. A strong database and involvement of civil societies might help the region better utilise these climate funds.     

Justification, perception of severity and harm, and criminalization of wife abuse in the Palestinian society

The purpose of this study was to examine the perceptions of Palestinian adults toward different dimensions of wife abuse. A cross-sectional survey, using a combination of self-administered questionnaires and interviews, was conducted among a systematic random sample of 624 adult Palestinian men and women from the West Bank and Gaza Strip (18 years or older). Study results indicated a strong tendency to justify wife beating in different situations, such as when the wife is perceived as having an affair with another man or as physically attacking her husband. Participants considered the following acts of husband's violence against wife as most severe: using a weapon (86%), having sex with the wife against her will (67%), and hitting her with his fist (57%). The majority of participants thought that wife beating should be considered a crime (82.3%). Traditional marital role expectations was the main significant predictor for all of the study criterion variables. Gender, place of residence, age, and marital status were significant predictors of some of the criterion variables.     

Pakistan-China Friendly Relations Are Deep Rooted

On the eve of the 60th anniversary celebrations of the establishment of Pakistan-China Diplomatic Relations,a special function was jointly organized in March by     

60 Golden Years of Pak-China Relations

Since establishment of diplomatic ties between the two countries in May 1951,China and Pakistan have developed an all-season friendship which is based on equality,brotherhood and overall cooperation.In the past 60 years,the two countries have carried out multi-dimensional cooperation in varied fields.Despite unstable international situation,the China-Pakistan friendship remained strong and vibrant.This is only because both the countries enjoy high respect and trust over each other.Recent years have witne...