Search results for: foreign exchange supply

Authors: Tri Wijayanti Septiarini, Agus Maman Abadi, Muhammad Rifki Taufik

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The exchange rate of IDR/USD can be the indicator to analysis Indonesian economy. The exchange rate as a important factor because it has big effect in Indonesian economy overall. So, it needs the analysis data of exchange rate. There is decomposition data of exchange rate of IDR/USD to be frequency and time. It can help the government to monitor the Indonesian economy. This method is very effective to identify the case, have high accurate result and have simple structure. In this paper, data of exchange rate that used is weekly data from December 17, 2010 until November 11, 2014.

Keywords: the exchange rate, fuzzy mamdani, discrete wavelet transforms, fuzzy wavelet

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Authors: Khlif Hamadi

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Supply chain integration has become a potentially valuable way of securing shared information and improving supply chain performance since competition is no longer between organizations but among supply chains. This research conceptualizes and develops three dimensions of supply chain integration (integration with customers, integration with suppliers, and the interorganizational integration) and tests the relationships between supply chain integration, information sharing, and supply chain performance. Furthermore, the four types of information sharing namely; information sharing with customers, information sharing with suppliers, inter-functional information sharing, and intra-organizational information sharing; and the four constructs of Supply Chain Performance represents expenses of costs, asset utilization, supply chain reliability, and supply chain flexibility and responsiveness. The theoretical and practical implications of the study, as well as directions for future research, are discussed.

Keywords: supply chain integration, supply chain management, information sharing, supply chain performance

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Authors: Gurjinder Singh, Jasmeen Kaur, Mukul Dhiman

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This paper mainly describes the significance of 3D printing in the supply chain management in a scenario when there is disruption in global supply chain. Furthermore, the development and implementation of supply chain strategies in context of 3D printing technology is framed to make supply chain of an organization resilient to disruption caused by natural disasters.

Keywords: 3D printing, global supply chain, supply chain management, supply chain strategies

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Authors: Menoka Bal, David Bryde

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Sustainability in supply chain has become a topic of great interest and is linked to the assumption that a more sustainable the supply chain is the more the supply chain can perform better. The aim of this paper is to identify the different key aspects of the sustainable supply chain management. This paper will also identify the practices that are required to fulfill the demands of sustainability and, therefore, contributing to improve the sustainability performance. As part of this, the authors will identify how these different practices of implementing to achieve Sustainability in Supply Chain. This paper is conceptual in nature. This paper identifies some of the key categories which are of high importance for the sustainable management of supply chains. These key categories are: Managing the Supply Chain Risk, Improving the Supply Chain Performance, Managing the Supply Chain Value, Making the Supply Chain Leaner, Managing the Supply Chain Relationship. Through in-depth analysis, this paper aims to develop a theory of integrated management process that is most appropriate for sustainability assessment in supply chain.

Keywords: sustainability, risk management, value management, project performance, supply chain management

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Authors: Umer Mukhtar

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Supply Chain Competitiveness is the capability of a supply chain to deliver value to the customer for the sake of competitive advantage. Service Performance and Quality intervene between supply chain actors including functions inside the firm in a significant way for the supply chain to achieve a competitive position in the market to gain competitive advantage. Supply Chain competitiveness is the current issue of interest because of supply chains’ competition for competitive advantage rather than firms’. A proposed theoretical model is developed by extracting and integrating different theories to pursue further inquiry based on case studies and survey design. It is also intended to develop a scale of service performance for functions of the focal firm that is a revolving center for a whole supply chain.

Keywords: supply chain competitiveness, service performance in supply chain, service quality in supply chain, competitive advantage by supply chain, networks and supply chain, customer value, value supply chain, value chain

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Authors: Abdelli Soulaima, Belhadj Besma

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The paper examines the choice of the central bank toward the movements of the nominal exchange rate and evaluates its effects on the volatility of the output growth and the inflation. The novel hybrid method of the dynamic stochastic general equilibrium called the DSGE-VAR is proposed for analyzing this policy experiment in a small scale open economy in particular Tunisia. The contribution is provided to the empirical literature as we apply the Tunisian data with this model, which is rarely used in this context. Note additionally that the issue of treating the degree of response of the central bank to the exchange rate in Tunisia is special. To ameliorate the estimation, the Bayesian technique is carried out for the sample 1980:q1 to 2011 q4. Our results reveal that the central bank should not react or softly react to the exchange rate. The variance decomposition displayed that the overall inflation volatility is more pronounced with the fixed exchange rate regime for most of the shocks except for the productivity and the interest rate. The output volatility is also higher with this regime with the majority of the shocks exempting the foreign interest rate and the interest rate shocks.

Keywords: DSGE-VAR modeling, exchange rate, monetary policy, Bayesian estimation

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Authors: Pouriya Angosht Baft, Farzan Safari Sabet

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Globalization should be considered as a process that has affected all areas of human activity, including the foreign policy of countries. The phenomenon of globalization has created tremendous changes in the economic, political and cultural fields. Obviously, no country can keep itself away from the new global consequences and globalization process. Dealing with the world requires formulating a realistic and intelligent foreign policy. By examining the phenomenon of globalization and its impact on foreign policy, this article aims to provide solutions for formulating a more active and effective foreign policy. The conclusion of this research is that Iran's foreign policy has gradually moved towards more realism and maintaining and strengthening national interests in the changing world has been the focus of foreign policy makers and decision makers. Strengthening the course of more realism in the future should be at the center of formulating Iran's foreign policy.

Keywords: globalization, foreign policy, international relations, realism, iran

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Authors: Leila Zarei

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The primary objective of the 2014 Survey of The Capacity Assessment of Kish Island in Visa Exchange and its Effect of Tourism Development was to obtain more comprehensive statistical information relating to foreign tourists who aimed to renew their visa in Kish Island. Kish Island the pearl of Persian Gulf is well known as a destination for visa exchange to many alien who work and live in the country located around Persian Gulf. Foreign visitors fly to Kish with aim of visa exchange and after passing through official procedures they return back to their country of resident. The present thesis studied the subject of capacity and potential of Kish Island in visa exchange. In accordance with it a survey had been conducted in English written form of a questionnaire which was researcher's made composed of 120 questions which covers diverse aspects of the field of this study (airport, public transportation, accommodate and medical centers and travel agencies). The data collected were obtained at the airport, hotels and other places from the international tourists and covered the following items: a) the profile of the tourists (sex, age, occupation, purpose of visit, etc.) b) The Rating of services and Prices. The target population was all international tourists who master English and non Iranian. Main findings: 56% of tourists interviewed were males and 44% were females. The age of arrived tourist was 30 – 39 years with the highest percentage of 47%. The highest percentage frequencies of income belong to the 1000- 2500 Dhrs. (26%). In addition, that 50 percentage of the population was married and rest was single. Concerning the religion, 26 percent of the travelers were Muslim and 65% Christian and the rest from the other branches which all these populations reach Kish via air. The majority (56%) of visa exchangers hold diploma.

Keywords: Kish Island, tourism development, visa exchange, Iran

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Authors: Naveed Iqbal Chaudhry, Mian Saqib Mehmood, Asif Mehmood

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This study investigates the motivators of foreign direct investment (FDI) which will provide a panacea tool and ground breaking results related to it in case of Pakistan. The study considers exchange rate, market size and human capital as the motivators for attracting FDI. In this regard, time series data on annual basis has been collected for the period 1985–2010 and an Augmented Dickey–Fuller (ADF) and Phillips–Perron (PP) unit root tests are utilized to determine the stationarity of the variables. A bound testing approach to co-integration was applied because the variables included in the model are at I(1) – first level stationary. The empirical findings of this study confirm the long run relationship among the variables. However, market size and human capital have strong positive and significant impact, in short and long-run, for attracting FDI but exchange rate shows negative impact in this regard. The significant negative coefficient of the ECM indicates that it converges towards equilibrium. CUSUM and CUSUMSQ tests plots are with in the lines of critical value, which indicates the stability of the estimated parameters. However, this model can be used by Pakistan in policy and decision making. For achieving higher economic growth and economies of scale, the country should concentrate on the ingredients of this study so that it could attract more FDI as compared to the other countries.

Keywords: ARDL, CUSUM and CUSUMSQ tests, ECM, exchange rate, FDI, human capital, market size, Pakistan

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Authors: Mohammad Reza Nafar

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In order to get a better understanding of supply chain visibility for creating strategic value, this paper uses a dynamic capability lens to reveal the nature of supply chain visibility. This paper identifies the importance of supply chain visibility in driving supply chain reconfigurability and consequently improving supply chain strategic performance. Empirical evidence shows that visibility has a direct impact on supply chain strategic performance. It also supports that visibility is important for enhancing supply chain reconfigurability, thus creating strategic value in supply chains. Supply chain visibility, therefore, enables firms to reconfigure their supply chain resources for a better competitive advantage. From the perspective of practitioners, the results display several insights into how managers should create strategic value from supply chain visibility. Prominently, managers or decision-makers need to take advantage of supply chain visibility in order to use and recombine resources in a value creation manner.

Keywords: supply chain visibility, strategic performance, competitive advantage, resource mobilization, information system

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Authors: Raheel Asif, Michael Frommel

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This paper focuses on analyzing the exchange rate exposure of exporting & domestic firms in (the so far rarely addressed) largest Eastern European transition economies, i.e., Russia and the three EU accession countries, Poland, Hungary, and Czech Republic (CEEC-3). It also controls for possible effects of different exchange rate regimes, Great Financial crisis (2007-08), Russian Financial crisis (2014-15), the formation of EU & turn of year effect. Substantially improving the results from the existing literature on these transition economies, we find for more than 51% of our sample firms in CEEC-3 countries and 29% in Russia shows a significant exchange rate exposure. However, the magnitude and direction of firms’ exposure depends on the particular bilateral exchange rate and differs between CEEC-3 and Russia. We find that share price increases with an appreciation of the domestic currency against the EURO and US Dollar (USD) in CEEC-3; however, the effect is more pronounced for EURO as expected. Whereas, for Russian firms share price increases with a depreciation of the domestic currency against the USD only. Those differences may result from a differing dominance of exposure channels in the respective economies, such as the country-specific export structure, competitiveness channels, and dependence on foreign debt. Finally, the switch from a pegged to a flexible exchange rate regime appears to have a less pronounced effect for the exchange rate exposure of firms in all countries except for USD in Poland and Russia.

Keywords: exchange rate exposure, transition economies, central and eastern Europe, international finance

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Authors: Nila Febri Wilujeng, Helda Risman

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Enjoying stable security within its region for the last 50 years, ASEAN nowadays contends with the global context emerging dynamically, which brings about multidimensional challenges and threats such as terrorism, radicalism, armed rebellion, hijacking, and other non-traditional threats. Dealing with these circumstances, ASEAN member states tighten its capacity by enhancing regional cooperation and strategic information exchange among ASEAN member states so-called ASEAN Our Eyes. This initiative adopted for the sake of forestalling any possible threat posed by violent extremism, radicalization, and terrorism through timely strategic information exchange among ASEAN member states. By using qualitative method, this paper will utilize regional security complex and international cooperation theories in analyzing the process to examine ASEAN Our Eyes based on its terms of reference. As a result, it portrays that ASEAN Our Eyes is able to undermine the gaps in the realm of strategic information exchange in monitoring the movement of violent extremism, radicalism, foreign terrorist fighters, and crime-terror nexus. However, it remains premature as a strategic measure to encounter those threats in the years to come.

Keywords: regional cooperation, counter-terrorism, ASEAN our eyes, strategic information exchange

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Authors: Minghua Chen, Rui Wang

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This paper addresses the impact of foreign ownership on the risk-taking behavior of banks. Using bank-level panel data of more than 1,300 commercial banks in 32 emerging economies during 2000-2013, we find that foreign owned banks take on more risk than their domestic counterparts. We further examine several factors that may potentially contribute to foreign banks’ differentiated riskiness from four perspectives, namely, foreign banks’ informational disadvantages, agency problems, the contagious effect of parent banks’ financial conditions and the disparity between home and host markets. We find supportive evidence that these factors play a significant role in affecting foreign banks’ risk-taking.

Keywords: bank risk-taking, emerging economies, financial liberalization, foreign banks

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Authors: Seung Yeon Son

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In today’s rapidly changing and increasingly complex environment, organizations have relied on their members’ positive attitude toward their employers. In particular, employees’ organizational commitment (primarily, the effective component) has been recognized as an essential component of organizational functioning and success. Hence, identifying the determinants of effective commitment is one of the most important research issues. This study tested the influence of leader-member exchange (LMX) and exchange ideology on employee’s effective commitment. In addition, the interactive effect of LMX and exchange ideology was examined. Data from 198 members of the Korean military supports each of the hypotheses. Lastly, implications for research and directions for future research are discussed.

Keywords: affective commitment, exchange ideology, leader-member exchange, commitment

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Authors: Nura Suleiman

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The foreign policy of any country or nation is intended to promote and protect the country’s national interest. To achieve this interest, a country has to be guided by certain principles and influence of domestic and international conditions. The history of Nigerian foreign policy is directed to defend its sovereignty, independence, and territorial integrity, to promote and sustain the economic well-being of Nigerians, and promotion of Africa and world peace with justice. With the change of time and leadership, coupled with corruption, despite all the foreign policy determinants endowed with Nigeria as a country, sacrificed its foreign interest for the benefit of the western powers, by this it lost the opportunity to formulate policies according to its own need and desires.

Keywords: foreign policy, Nigeria, Western power

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Authors: Mehdi Ghaemi

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Within the current paper, there is an attempt to examine the legal system that overrules economic stability and legitimate expectations of foreign investment rights. Studies show that Meeting the legitimate expectations of foreign investment is one of the rights and privileges which obviously are to be benefited from by all types of foreign investments. The legitimate expectations of foreign investors are protected and structured strongly with the help of international investment laws. The body of international investment laws is faced with multiple challenges with respect to the legitimate expectations of foreign investments, including the Economic stability and the public interest of the host country, the attitude of the host country towards the legitimate rights and privileges of the foreign investment, the ways to meet and to control those expectations, and also the assessment of the regulations of the host country which would affect the investing bodies within different circumstances.

Keywords: foreign investment, legitimate expectations, regulating investments, international investment

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Authors: Burcu Guvenek, Duygu Baysal Kurt

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The impact of foreign trade on economic growth has been discussed since the Classical Economists. Today, foreign trade has become more important for the country's economy with the increasing globalization. When it comes to foreign trade, policies which may vary from country to country and from time to time as protectionism or free trade are implemented. In general, the positive effect of foreign trade on economic growth is alleged. However, as studies supporting this general acceptance take place in the economics literature, there are also studies in the opposite direction. In this paper, the impact of foreign trade on economic growth will be investigated with the help of panel data analysis. For this research, 24 OECD countries’ GDP and foreign trade data, including the period of 1990 and 2010, will be used.

Keywords: foreign trade, economic growth, OECD countries, panel data analysis

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Authors: Shamil Mardi Al Islam, Zaima Ahmed

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The aim of this article is to explore whether certain macroeconomic variables such as industrial index, inflation, broad money, exchange rate and deposit rate as a proxy for interest rate are interlinked with Dhaka stock price index (DSEX index) precisely after the introduction of new index by Dhaka Stock Exchange (DSE) since January 2013. Bangladesh stock market has experienced rapid growth since its inception. It might not be a very well-developed capital market as compared to its neighboring counterparts but has been a strong avenue for investment and resource mobilization. The data set considered consists of monthly observations, for a period of four years from January 2013 to June 2018. Findings from cointegration analysis suggest that DSEX and macroeconomic variables have a significant long-run relationship. VAR decomposition based on VAR estimated indicates that money supply explains a significant portion of variation of stock index whereas, inflation is found to have the least impact. Impact of industrial index is found to have a low impact compared to the exchange rate and deposit rate. Policies should there aim to increase industrial production in order to enhance stock market performance. Further reasonable money supply should be ensured by authorities to stimulate stock market performance.

Keywords: deposit rate, DSEX, industrial index, VAR

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Authors: John Adebayo Oloyhede

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This paper examines effect of financial liberalization on the stability of the demand for money function and its implication for exchange rate behaviour of three African countries. As the demand for money function is regarded as one of the two main building blocks of most exchange rate determination models, the other being purchasing power parity, its stability is required for the monetary models of exchange rate determination to hold. To what extent has the liberalisation policy of these countries, for instance liberalised interest rate, affected the demand for money function and what has been the consequence on the validity and relevance of floating exchange rate models? The study adopts the Autoregressive Instrumental Package (AIV) of multiple regression technique and followed the Almon Polynomial procedure with zero-end constraint. Data for the period 1986 to 2011 were drawn from three developing countries of Africa, namely: Gambia, Ghana and Nigeria, which did not only start the liberalization and floating system almost at the same period but share similar and diverse economic and financial structures. Its findings show that the demand for money was a stable function of income and interest rate at home and abroad. Other factors such as exchange rate and foreign interest rate exerted some significant effect on domestic money demand. The short-run and long-run elasticity with respect to income, interest rates, expected inflation rate and exchange rate expectation are not greater than zero. This evidence conforms to some extent to the expected behaviour of the domestic money function and underscores its ability to serve as good building block or assumption of the monetary model of exchange rate determination. This will, therefore, assist appropriate monetary authorities in the design and implementation of further financial liberalization policy packages in developing countries.

Keywords: financial liberalisation, exchange rates, demand for money, developing economies

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Authors: Mikail Altan

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International trust takes first place in the development of foreign trade in the country. They see an important role in ensuring that trust. Various payment methods that are developed in the banking system provide fast and reliable way to execution and promote foreign trade by financing the foreign trade. In this study, we investigate the influence of bank on foreign trade in Turkey. 26 years of data for 1990-2015 period have been used in this study. After correlation analysis, a simple regression model was established. Payment methods that are developed in the banking system make a positive contribution in Turkey’s foreign trade volume. In addition, the export of Turkey was affected positively more than import’s by these payment methods.

Keywords: banks, export, foreign trade, import

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Authors: Eda Orhun

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Turkey stayed as a closed economy until the beginning of 1980s. This changed with the de-regulation and the liberalization program that was adopted by the government at that time. This re-structuring program also affected the Turkish banking system by triggering more foreign bank entry. While the number of foreign banks have been increasing, the number of (local) private banks have been decreasing especially after the currency crisis of 2001. This outcome is largely due to increased acquisitions of (local) private banks by foreign entrants.

Keywords: acquisitions, de-regulation, foreign bank entry, globalization

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Authors: Abeer Heider

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The article considers the definitions of teacher’s competences and professionalism from different perspectives of Arab and foreign scientists. A special attention is paid to the definition, classification of the stages and components of University Arabic /foreign language teacher’s professionalism. The results of the survey are offered and recommendations are given. In this paper, only some of the problems of defining professional competence and professionalism of the university Arabic/ foreign language teacher have been mentioned. It needs much more analysis and discussion, because the quality of training today’s competitive and mobile students with a good knowledge of foreign languages depends directly on the teachers’ professional level.

Keywords: teacher’s professional competences, Arabic/ foreign language teacher’s professionalism, teacher evaluation, teacher quality

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Authors: David Gligor

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The purpose of this study was to build on Fisher's (1997) seminal article. First, it sought to determine how companies can achieve supply chain fit (i.e., match between the products' characteristics and the underlying supply chain design). Second, it attempted to develop a better understanding of how environmental conditions impact the relationship between supply chain fit and performance. The findings indicate that firm supply chain agility allows organizations to quickly adjust the structure of their supply chains and therefore, achieve supply chain fit. In addition, archival and survey data were used to explore the moderating effects of six environmental uncertainty dimensions: munificence, market dynamism, technological dynamism, technical complexity, product diversity, and geographic dispersion. All environmental variables, except technological dynamism, were found to impact the relationship between supply chain fit and firm performance.

Keywords: supply chain fit, environmental uncertainty, supply chain agility, management engineering

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Authors: Karima Menad, Ahmed Feddag

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In this study, large crystals of the zeolite NaA were synthesized by hydrothermal way. By following this zeolite was used to recover two heavy metals that are allowing the most dangerous toxic, lead and cadmium. The synthesized zeolite was analyzed by XRD and SEM aims to verify its purity and its good morphology; after it was undergoing ion exchange operations by aqueous solution with lead and cadmium in two salts Pb(CH3COOH)2 and CdCl2 at different concentrations. The exchange was carried out under the effect of two temperatures (25 °C and 60 °C). The contents of Pb++, Cd++ and Na+ were analyzed by atomic absorption and the results are given in the form of exchange rates. At the end the samples are analyzed by XRD exchanged to confirm their conservation of their zeolite framework. It is found that the exchange rate increases with the increase of initial concentration and the best results are found for the temperature of 60 °C.

Keywords: exchange rate, ion exchange, LTA zeolite, zeolite NaA

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Authors: Nomakhosi Tshuma, Carley Chetty

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This study employed panel regression analysis to investigate the financial performance determinants of MTN and Vodacom’s rest of Africa businesses between 2012 to 2020. It used net profit margin, return on assets (ROA), and return on equity (ROE) as financial performance proxies. Financial performance determinants investigated were asset size, debt ratio, liquidity, number of subscribers, and exchange rate. Data relating to exchange rates were obtained from the World Bank website, while financial data and subscriber information were obtained from the companies’ audited financial statements. The study found statistically significant negative relationships between debt and both ROA and net profit, exchange rate and both ROA and net profit, and subscribers and ROE. It also found significant positive relationships between ROE and both asset size and exchange rate. The study recommends strategic options that optimise on the above findings, and these include infrastructure sharing to reduce infrastructure costs and the minimisation of foreign-denominated debt.

Keywords: financial performance, determinants of financial performance, business in Africa, telecommunications industry

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Authors: Ozlem Bozok, Yusuf Bozok

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The importance of using mother tongue and translation in foreign language classrooms cannot be ignored and translation can be utilized as a method in English Language Teaching courses. There exist researches advocating or objecting to the use of translation in foreign language learning but they all have a point in common: Translation should be used as an aid to teaching, not an end in itself. In this research, prospective English language teachers’ opinions about translation use and use of mother tongue in foreign language teaching are investigated and according to the findings, some explanations and recommendations are made.

Keywords: exposure to foreign language translation, foreign language learning, prospective teachers’ opinions, use of L1

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Authors: G. G. Kagramanov, E. N. Farnosova, Linn Maung Maung

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The technologies of ion exchange and nanofiltration can be used for treatment of wastewater containing copper and other heavy metal ions to decrease the environmental risks. Nanofiltration characteristics under water treatment of heavy metals have been studied. The influence of main technical process parameters - pressure, temperature, concentration and pH value of the initial solution on flux and rejection of nanofiltration membranes has been considered. And ion exchange capacities of resins in removal of heavy metal ions from wastewater have been determined.

Keywords: exchange capacity, heavy metals, ion exchange, membrane separation, nanofiltration

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Authors: Ethan Nikookar, Yalda Boroushaki, Larissa Statsenko, Jorge Ochoa Paniagua

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Given the serious impact that supply chain disruptions can have on a firm's bottom-line performance, both industry and academia are interested in supply chain resilience, a capability of the supply chain that enables it to cope with disruptions. To date, much of the research has focused on the antecedents of supply chain resilience. This line of research has suggested various firm-level capabilities that are associated with greater supply chain resilience. A consensus has emerged among researchers that supply chain flexibility holds the greatest potential to create resilience. Supply chain flexibility achieves resilience by creating readiness to respond to disruptions with little cost and time by means of reconfiguring supply chain resources to mitigate the impacts of the disruption. Decisions related to supply chain disruptions are made by supply chain managers; however, the role played by supply chain managers' reference networks has been overlooked in the supply chain resilience literature. This study aims to understand the impact of supply chain managers on their firms' supply chain resilience. Drawing on social capital theory and social network theory, this paper proposes a conceptual model to explore the role of supply chain managers in developing the resilience of supply chains. Our model posits that higher level of supply chain managers' embeddedness in their reference network is associated with increased resilience of their firms' supply chain. A reference network includes individuals from whom supply chain managers seek advice on supply chain related matters. The relationships between supply chain managers' embeddedness in reference network and supply chain resilience are mediated by supply chain flexibility.

Keywords: supply chain resilience, embeddedness, reference networks, social capitals

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Authors: Marcelo Dias Carvalho, Leticia Ishikawa

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Supply Chain Risk Management refers to a set of strategies used by companies to avoid supply chain disruption caused by damage at production facilities, natural disasters, capacity issues, inventory problems, incorrect forecasts, and delays. Many companies use the techniques of the Toyota Production System, which in a way goes against a better management of supply chain risks. This paper studies key events in some multinationals to analyze the trade-off between the best supply chain risk management techniques and management policies designed to create lean enterprises. The result of a good balance of these actions is the reduction of losses, increased customer trust in the company and better preparedness to face the general risks of a supply chain.

Keywords: just in time, lean manufacturing, supply chain disruptions, supply chain management

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Authors: Umar Hayat, Shahid Ali, Lala Rukh

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Foreign aid is one of the critical variables that promote economic growth. This paper is an attempt to examine the long-run relationship between foreign aid and economic growth for Pakistan over the period of 1972 to 2021. This study uses Johnson's co-integration technique to investigate the long-run relationship among the variables in the model. For short-run dynamics, we utilized the Error Correction Mechanism (ECM). The results strongly support the conventional view about aid-led growth. The analysis of the impact of aid on growth both at the micro and the macro levels generally gives different results. The result shows that in the short run inference of foreign aid under the nondemocratic form of government is significant negatively, while foreign aid does not affect economic growth in the case of democratic government.

Keywords: foreign aid, economic growth, political regimes, developing economy

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