Research Centre for Social Sciences 

Journal of Global Economy  

                An International Journal   

                             ISSN    0975-3931 

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Jahanzaib Haider, Muhammad Afzal and Farah Riaz from COMSATS Institute of Information Technology, Islamabad, Pakistan estimated the import and export elasticities of Pakistan trade with traditional trade partners and some Asian countries to see the dynamics of Pakistan trade from 1973 to 2008 I their article ‘Estimation of Import and Export demand Functions Using Bilateral Trade Data ^___  The case of Pakistan’. OLS results suggest that income is the principal determinant of exports and imports. Pakistan exports are cointegrated with Japan and USA while the imports are cointegrated with UAE and USA. Pakistan imports and exports are cointegrated with Bangladesh and Sri Lanka but not with India and China. Income and exchange rate are both important determinants of foreign trade. Continuing its trade with traditional partners and making efforts for greater market access to USA and EU, Pakistan should make efforts to increase its trade with Asian countries notably China and India because both are fast growing economies and have huge market. Read more Volume 7 no 3

Irina NICOLAU and  Adina Mușetescu from 'Dimitrie Cantemir’ Christian University, Bucharest, Romania' state in their article ‘Education - major component of culture with defining role in the international marketing activity’ that Culture is reflected within society through all its components, such as religion, language, history and education. All these elements are designed to influence - directly and indirectly - both the consumer, when he is in position to choose among a multitude of goods and services the one that best suit its needs, and the companies, forcing them to build marketing strategies according to the culture of the target market. The way in which these strategies are build at organizational level, depends on each company in part, on its activity, on the product referred and obviously, on the target consumer. Typically, there are taken into account, in the first place, those elements of culture that influence directly and immediately the marketing policy developed by the company and could adversely affect the expected results, such as language, religion and consumer typologies. All these are globally recognized and naturally taken into account by any company wishing to penetrate markets other than the national one.The concept of culture is much more complex and comprehensive, based on other components that indirectly influence an organization's strategy and which, in the long term, put their mark on the way of action of the consumer and, therefore, on companies’ decisions. One of these components, which is analyzed and this article, is education.  Education is seen as a process through which are transmitted a series of values​​, ideas, attitudes and knowledge through families primarily and subsequently through schools. This process’s purpose is the transmission of culture and existing traditions to the new generation, promoting cultural progress and evolution of society as a whole.Read more Volume 7 no 3

Prof C C Wolhuter from North West University, Potchefstroom Campus, South Africa discusses in his article ‘The Worldwide Expansion of Education the Past Half-Century and its Impact upon the Global Economy’  The past half-century has witnessed the largest education expansion drive in human history; as a worldwide education expansion project played itself out.  This expansion has taken up a significant proportion of resources of nations.  In the case of the developing countries education is almost invariably the biggest item on government’s expenditure budgets.  In the case of the United States of America (USA) federal funds allocated to education rose ten fold in the thirty year period 1970 to 2000, from US$ 9.2 billion to US$ 90.6 billion.  One major motivation for this concentrated employment of resources is the belief that investment in education promotes, or indeed is a sine qua non for economic growth.  Testing this supposed relation, especially in the contemporary era, is therefore timely.  The aim of this article is to investigate the co-variation between education effort (measured in terms of enrollment ratios) and economic performance (measured by per capita gross domestic product) of the various countries of the world; and to compare the results with that of a similar exercise conducted by Harbison and Myers (1964), almost half a century ago; at the outset of the massive education expansion drive which took off during the second half of the twentieth century.Read more Volume 7 no 3

Contents of Volume 7 no 4

Contents

1.      Economic Cycle Volatility in the World Economy and Prospects for Global Economic Equilibrium Recovery (Vadym Konchyn)

2.      Estimation of Import and Export demand Functions Using Bilateral Trade Data ___ the case of Pakistan (Jahanzaib Haider, Muhammad Afzal and Farah Riaz)

3.      Who Drives Whom? Mutual Funds VS Stock Market (Zahid Irshad Youas and Wasif Siddiqi)

4.      Role of Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in Rural Asset Creation in India – An Analysis (Dhanjaya K and Prathibha M S )

5.      Infrastructure and Human development in India: An Inter-state comparison (Gopalkrishna B V and D S Leelavathi)

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