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Aziz Yasir,Mansor Fadillah,Waqar Shujaa,Haji Abdullah Luqman 한국사회복지학회 2020 Asian Social Work and Policy Review Vol.14 No.3
This study develops and validates a comprehensive mechanism for evaluating the effect of zakat (obligatory alms-giving) on reducing poverty and attaining some of the prominent Sustainable Development Goals. The study unconventionally analyzes the effect of macrolevel data on microlevel data on district level of Khyber Pakhtunkhwa, Pakistan. Microlevel data are utilized from a renowned national survey, Pakistan Social and Living Standards Measurement Survey (PSLM) from which the Multidimensional Poverty Index (MPI) has been computed, whereas the macrolevel data have been collected from Zakat & Usher Department Khyber Pakhtunkhwa. Based on the nature of nested data set, we have used a multilevel model to counter intra-class correlation. The findings confirmed and validated that the novel aspect of the zakat negatively affects the multidimensional poverty and portray significant contribution in targeting several Sustainable Development Goals (SDGs) in Pakistan. Based on the empirical evidence, Zakat being as an obligatory arm which equips individuals to fulfill their necessities, this paper suggests necessary strategies toward zakat disbursement. The mechanism should be refined to stimulate economic growth and pursue SDGs via financial empowerment of less advantaged class of society by reducing poverty in developing countries like Pakistan. Moreover, the methodology adopted in the study opens doors for more enabling and conducive research practices in order to decompose the results and design policies accordingly.
Linkage between US Financial Uncertainty and Stock Markets of SAARC Countries
AZIZ, Tariq,MARWAT, Jahanzeb,MUSTAFA, Sheraz,ZEESHAN, Asma,IQBAL, Yasir Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.2
The primary purpose of the study is to investigate the volatility spillover from financial uncertainty (FU) of the United States (US) to the stock markets of SAARC member countries including India, Sri-Lanka, Pakistan, and Bangladesh. The empirical literature overlooked SAARC countries and the FU index. Based on the estimation method, the data of FU is available for three different forecast horizons including 1-month, 3-months, and 12-months. For empirical analysis, monthly data is used from February 2013 to September 2019. EGARCH model is employed to investigate the volatility spillover effects. The findings of the study show that the spillover effect of FU varies with the forecast horizon. The FU with a higher forecast horizon has a significant spillover effect on more countries. The spillover effect of US financial uncertainty is negative in most of the SAARC countries. Bangladesh stock market is influenced by FU with all three forecast horizons whereas the volatility of the Pakistan stock market is not influenced by FU with any forecast horizon. The findings are consistent with the concept of "limited trade openness" in the financial markets of emerging economies. The emerging economies avoid financial market openness to minimize the risk of spillover of other countries.