A Note on Growth and Structural Change in Pakistan's Manufacturing Industry 1954-1964 (Notes & Comments)

1969 ◽  
Vol 9 (1) ◽  
pp. 58-65 ◽  
Author(s):  
M. L. Eysbnbach
Keyword(s):  
Structural Change ◽  
Consumer Goods ◽  
Manufacturing Industry ◽  
Raw Materials ◽  
Import Substitution ◽  
Simple Analysis ◽  
Capital Goods ◽  
Industrial Growth ◽  
Manufacturing Growth

Lewis and Soligo studied the growth and structural change in Pakistan's manufacturing using a simple analysis of patterns of manufacturing growth [3]. Then, employing their results to re-examine the generally accepted view of Pakis¬tan's industrial growth, they found that import substitution had not been largely confined to consumer-goods industries [3, p. 108] and concluded that it would be difficult to accept the widely held hypothesis that distortions in industrial growth had resulted from the protectionist policies pursued [3, p. 111]. More specifically, they rejected the hypothesis of Power and Radhu that the greater protection accorded the consumer-goods industries would encourage the growth of domestic consumer-goods production using imported capital goods and raw materials [3, p. 96].

scholarly journals Growth and Structural Change in Pakistan Manufacturing Industry, 1954-1964

1965 ◽  
Vol 5 (1) ◽  
pp. 94-139 ◽  
Author(s):  
Stephen R. Lewis, Jr. ◽  
Ronald Soligo
Keyword(s):  
Large Scale ◽  
Manufacturing Industry ◽  
Manufacturing Sector ◽  
Import Substitution ◽  
Empirical Work ◽  
Point Of View ◽  
Industrial Growth ◽  
Export Markets ◽  
Aggregate Growth ◽  
Manufacturing Growth

It has been evident for some time that Pakistan has enjoyed a rate of growth of its large-scale manufacturing sector that is indeed enviable. Some efforts have been made to study and understand this process both in terms of aggregate growth [20] and with reference to specific industries and policies [6]. In addition, a point of view has grown up in unofficial [21] and in official circles [16; 17; 18], that due to tariff and licensing policies, growth in manufacturing industry in Pakistan has proceeded via import substitution in light, consumer goods industries, that the possibilities for further growth in these directions are now extremely limited, that the export markets for such goods are small (due to a variety of reasons) and that future growth must take place via import substitution in intermediate goods and primarily in capital goods industries. As yet, little empirical work has been done to examine the various parts of this point of view. The purposes of the present paper are twofold. First, we have made a few simple improvements in the data on industrial growth and have collected such data as are available on production, imports, and exports of manufactured goods at a somewhat disaggregated level. Second, we have made some simple analysis of the patterns of manufacturing growth and discussed a few relationships that seem to have influenced the direction of industrial expansion over the past decade. In the latter part of the paper, we have reexamined the generally accepted point of view about industrial growth.

Growth and Structural Change in Pakistan's Manufacturing Industry: Reply

1965 ◽  
Vol 5 (4) ◽  
pp. 663-665
Author(s):  
Stephen R. Lewis, Jr. ◽  
Ronald Soligo
Keyword(s):  
Structural Change ◽  
Consumer Goods ◽  
Manufacturing Industry ◽  
Import Substitution ◽  
Value Added ◽  
Relative Prices ◽  
Total Growth ◽  
Consumption Goods ◽  
Constant Prices

Gustav Papanck's comments on changes in relative prices among manu¬factured goods are, indeed, important. As he notes, however, the correction to constant prices would not change the measure of the importance of import sub¬stitution in explaining the growth of any given industrial group1. Also, for the period 1954/55 to 1963/64, the contribution of import substitution to total growth in value added in consumer goods industries is only slightly greater than the con¬tribution of import substitution to growth in value added in all industries (21.0 per cent for consumer goods as opposed to 19.4 per cent for all industries). In¬creasing the weight of consumption goods industries to reflect changes in relative prices would increase the importance of import substitution in explaining growth in value added in all industries very slightly. For the period 1959/60 to 1963/64 when, according to Dr. Papanek's data, the fall in the relative prices of con¬sumer goods was the greatest, increasing the weight of consumer goods indus¬tries would actually reduce the contribution of import substitution to growth in value added for all industries.

scholarly journals THE STRUCTURE OF IMPORT IN INDONESIA: A CONTRIBUTION AND SHARE “PERANAN” ASSESSMENT

2020 ◽  
Vol 4 (2) ◽  
pp. 190-199
Author(s):  
Fatima Tuzzahara Alkaf
Keyword(s):  
Economic Growth ◽  
Gross Domestic Product ◽  
Qualitative Analysis ◽  
Consumer Goods ◽  
Raw Materials ◽  
Domestic Product ◽  
Total Import ◽  
Capital Goods ◽  
Very High ◽  
Descriptive Qualitative

The purpose of this study was to determine the contribution of the import structure to total import in Indonesia and also to determine the share of import structures in Indonesia on economic growth during the period 1997-2018. The analysis of this research is conducted by applying descriptive qualitative analysis. During the study period, it was found that the structure of imports that contributed a lot to total imports in a row was imports of raw materials followed by imports of capital goods after that import of consumer goods. Furthermore, the share of the import structure in Indonesia towards Gross Domestic Product (GDP), whose major role is the import of raw/auxiliary materials followed by imports of capital goods and then imports of consumer goods. So it can be concluded that Indonesia's dependence on imported goods is still very high, especially imports of raw materials and capital goods.

Financial mechanism for the formation of the economy of sustainable industrial growth

2021 ◽  
Author(s):  
Vladislava Poletaeva
Keyword(s):  
Economic System ◽  
Manufacturing Industry ◽  
Banking Sector ◽  
Raw Materials ◽  
State Institution ◽  
The State ◽  
Industrial Growth ◽  
Industrial Enterprises ◽  
National Economic ◽  
Financial Mechanism

"The monograph is devoted to the development of a financial mechanism for the transformation of the national economic system from a relatively low growth rate and their significant instability of the export-raw materials model to a model of sustainable industrial growth. In the first chapter, the rationale is made for the feasibility (to solve the problem of forming an economy of sustainable industrial growth) of developing cooperation between the banking sector and the state in the field of financing the manufacturing industry based on the implementation of the interests of all key stakeholders of such projects, the interests of the state, the banking sector and manufacturing enterprises are identified, and the completeness of their implementation within the existing mechanisms of bank-state investment in the economy is assessed. The second chapter describes the algorithm of transactions for lending to industrial enterprises as part of the financial mechanism for forming an economy of sustainable industrial growth, and also develops methods for implementing the interests of the bank, the authorized state institution (creditors) and the manufacturing industry (borrower) when providing the latter with financing and in a situation of problem debt. In the third chapter, the author formulates a method for determining the "locomotive" industries, investment in which will stimulate the growth of the national economic system to the greatest extent

scholarly journals Certain mechanisms of establishing economy of sustainable industrial growth in Russia and problems of their implementation

2019 ◽  
pp. 44-56 ◽  
Author(s):  
V. M. Poletaeva ◽  
A. M. Smulov
Keyword(s):  
Consumer Goods ◽  
Manufacturing Industry ◽  
Labour Productivity ◽  
Mineral Resources ◽  
Raw Material ◽  
Considerable Proportion ◽  
Industrial Growth ◽  
Export Structure ◽  
Russian Economy ◽  
The Impact

The development of Russian economy at the present stage is connected with a number of difficulties hindering its shift from the ineffective raw material export model to the model of sustainable industrial growth. The essential drawback of the raw material export model aimed at extraction and export of mineral resources and import of industrial and consumer goods is a low resistance of economic growth to the impact of different factors, such as the situation on global commodity and finance markets, geo-political and economic circumstances in other countries. In contrast to the raw material export model the foundation of the model of sustainable industrial growth is formed by technologically developed manufacturing industry, the so-called locomotive industries characterized by high labour productivity, which provides a rise in putting out products showing competitiveness both on home and overseas markets. Due to this fact such products will be able to meet a considerable proportion of demand on the part of enterprises and population of the country for industrial goods and consumer goods and at the same time to make up a serious share in the export structure. The article deals with two key groups of mechanisms providing the shift of Russian economy from the ineffective raw material export model to the model of sustainable industrial growth, i.e. finance and non-finance ones. The authors analyzed principle difficulties hindering these mechanisms’ implementation in Russia: inability of non-finance mechanisms to guarantee the rise in quality and competitivenessof home-made goods; disparity of resources’ volume to needs of the national economic system in investment; obvious disproportion in districting funds by types of economic activity; the use of enterprises’ own resources for investment, etc.

Consumer Goods Or Capital Goods—Supply Consistency In Development Planning (Notes and Comments)

1968 ◽  
Vol 8 (1) ◽  
pp. 104-110
Author(s):  
G. C. Hufbauer
Keyword(s):  
Consumer Goods ◽  
Raw Materials ◽  
Development Planning ◽  
Tax Rates ◽  
Capital Goods ◽  
Domestic Savings ◽  
Private And Public ◽  
Private Savings ◽  
Inventory Accumulation ◽  
Savings Rates

Everyone who has heard of Harrod-Domar realises that growth targets imply something about savings rates. But growth targets also imply something about the availability of capital goods. The business of economic planning, as Winston points out [1], is to ensure compatibility between the Harrod-Domar and the Mahalanobis constraints. If domestic savings exceed the availability of domestic plus foreign capital goods, two "despised alternatives" confront the economy: inventory accumulation or slower growth. To avoid this unhappy predicament, Winston outlines three remedial policies. Our purpose is to suggest that the Harrod-Domar and Mahalanobis constraints may not be independent. Remedial policies aimed at that larger capital goods supply may affect the private and public savings rates and the growth of income. These suggestions are hardly novel [2]. They turn on re¬placing the proportional savings function with a classical savings function (i.e., one which specifies private savings rates by economic sector), on distinguishing tax rates by type of domestic production and imports, and on stipulating a connection between consumer-goods production and import of raw materials for the consumer industries.

Growth and Structural Change in Pakistan's Manufacturing Industry : A Comment

1965 ◽  
Vol 5 (4) ◽  
pp. 659-662 ◽  
Author(s):  
Gustav F. Papanek
Keyword(s):  
Structural Change ◽  
Growth Rates ◽  
Consumer Goods ◽  
Large Scale ◽  
Manufacturing Industry ◽  
Value Added ◽  
National Accounts ◽  
Differential Growth ◽  
Rate Of Growth ◽  
Major Industry

The Lewis and Soligo article [1] includes an estimate of the growth of all "large scale" industry followed by an analysis of the growth rates of the major industry groups: consumer goods, intermediate products, investment and related goods. These two parts of the article are not dependent on each other and the very interesting and excellent analysis of the differential growth rates of the subsectors would not be affected by bias in the overall growth estimates. Some questions can be raised about both parts of the article. Estimates of value added and rate of growth of large scale industry are of considerable importance to analyses of the Pakistan economy. Lewis and Soligo's estimate of the level of value added and its rate of growth is considerably higher than those of the Census of Manufacturing Industry (CMI), the National Accounts, and my own [2].

Economics of sustainable industrial growth: concept, problems and possible mechanisms of formation

2020 ◽  
Author(s):  
Vladislava Poletaeva
Keyword(s):  
Manufacturing Industry ◽  
Banking Sector ◽  
Raw Materials ◽  
The State ◽  
Industrial Growth ◽  
Russian Economy ◽  
Key Stakeholders ◽  
Mechanisms Of Formation ◽  
Government Lending ◽  
Definition Of

The monograph examines the issues of transformation of the Russian economy from raw materials export model to a model of sustainable industrial growth. In the first Chapter of the work the author formulates the definition of sustainable economy growth and the expediency of its formation, analyzes the problems that hinder the transformation of national economic system into a model for sustainable industrial growth, and identified possible mechanisms of such transformation. In the second Chapter, in order to determine the sources of the implementation of the financial mechanism of forming of economy of sustainable industrial growth, the author assesses financial potential of economic entities and analyzes the role of the banking sector and the state to invest resources in the Russian economy. In the third Chapter the author provides the rationale (for the decision of task of forming of economy of industrial growth) for the development of cooperation in the banking sector and the state in the financing of manufacturing industry on the basis of realization of interests of all key stakeholders of such projects, identifies the interests of the state, banking sector and manufacturing industries and estimated the fullness of their realization in the framework of the existing mechanisms of the banking and government lending to the economy. Designed for teachers, students of economic specialties, as well as anyone interested in the problems of development of economy in modern conditions.

ASYMMETRIC RESPONSE OF DISAGGREGATED IMPORT DEMAND TO EXCHANGE RATE MOVEMENTS: A SMALL OPEN ECONOMY PERSPECTIVE

2020 ◽  
pp. 1-18
Author(s):  
KHURRUM S. MUGHAL ◽  
SADDAM ILYAS ◽  
YASIR TARIQ MOHMAND ◽  
FAHEEM ASLAM ◽  
MUKHTAR-UL- HASAN
Keyword(s):  
Exchange Rate ◽  
Open Economy ◽  
Consumer Goods ◽  
Raw Materials ◽  
Small Open Economy ◽  
Import Demand ◽  
Policy Implications ◽  
Empirical Literature ◽  
Capital Goods ◽  
Exchange Rate Movements

Net importing countries are very susceptible to changes in the value of their currency. Pakistan, being a small open economy, faces a constant pressure in its current account and BOP, which leads to unavoidable stress on its exchange rate. Exchange rate movements affect the cost of imports directly which have been studied extensively in empirical literature. However, these studies ignore the possibility of asymmetric effects of exchange rate and its impact on import demand in Pakistan. An appreciation in exchange rate may have a different impact on demand for imports than depreciations depending upon the level of rigidity in consumer preferences as well as the availability of substitutes for consumer goods, capital goods and raw materials. We use quarterly data of Pakistan’s consumer goods, capital goods and raw material imports from 2005:Q1 to 2018:Q4 and employ a relatively recent econometric methodology, namely, Nonlinear Autoregressive Distributed Lag (NARDL) technique. The results confirm the existence of asymmetric impact of exchange rate in the long-run. The appreciation of currency has more pronounced impact in increasing imports relative to the depreciation of it in decreasing imports. There are further differences of this effect within imports across consumer goods, capital goods and raw materials. We present policy implications of this asymmetric effect of exchange rate on disaggregated consumer imports.

scholarly journals REVIEW OF SHARIA ECONOMIC LAW ON THE IMPLEMENTATION OF THE MURABAHAH ACCOUNT AT MANDIRI SYARIAH BANK BANDAR LAMPUNG CITY

PRANATA HUKUM ◽  
2021 ◽  
Vol 16 (01) ◽  
pp. 33-44
Author(s):  
Heru Fadli ◽  
Khumedi Ja'fa ◽  
Iskandar Syukur
Keyword(s):  
Consumer Goods ◽  
Raw Materials ◽  
Raw Material ◽  
Islamic Banks ◽  
Working Capital ◽  
Capital Goods ◽  
Islamic Bank ◽  
Economic Law ◽  
Capital Financing ◽  
As If

Ba'imurabahah is applied as a financing product to finance the purchase ofconsumer goods (consumption), working capital needs, and investment needs.Financing in the form of consumers (consumption) are asuch as the purchase ofvehicles, houses, and multipurpose goods (electronic goods, household equipment, and other consumer goods). For example, working capital financing to purchase paper raw materials for printing orders, mercantile inventory, raw material inventory, and capital goods, as well as unsustainable working capital. Likewise, financing for investment are such as to buy machinery and equipment for technological upgrades and updates. The Implementation of the MurabahahAgreement at Bank Mandiri Syariah, Bandar Lampung City was considered from the Perspective of Sharia Economic Law. In practice, Islamic Banks do not sell goods to customers, but Islamic Banks only provide an authorized amount of money to customers to buy goods for themselves. This seems as if the Islamic Bank does not want to take the risk, even though it should be the seller of the Islamic bank to be ready to face the risk of loss. Based on the results of this study, the implementation of the Murabahah Agreement at Bank Mandiri Syariah Bandar Lampung City did not fulfill one of the pillars of the contract.

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