| The essay is for the purpose of studying the development modes of Pakistan Economy Finance and the link relations between the mode and China development.The purpose is that:in my opinion, firstly, China and Pakistan are the same in the development modes, comprehend by analogy. It is helpful to consider further the its own development and change of China Mode to study on Pakistan;Secondly, in terms of history and reality, China and Pakistan have strategic bilateral relation,or we can say that more research materials are available due to their important links development relation. Thirdly, with the rising of China economy and the increase of Degree of Dependence on Foreign countries, we not only do research on ourselves, but also do farther research on whole international circumstances, especially for the economic financial circumstances of the neighboring countries. No doubt, with the expansion of the time and space, it will be important for China economy financial research, moreover, it is new.Based on the above thoughts, after consideration, investigation and research, the author writes the essay initially, which is written with the characteristic of margin and cross, so the related subject on Country is formed.For a long time, the South Asian Subcontinent region where Pakistan is located has been the place where the dispute and fighting of the nation interests, regional interests even religious interests occur. Since the outbreak of the international financial crisis in2008, Pakistan has been trapped in sovereign-debt crisis. The international community gives aids to Pakistan, World Bank and IMF also provides greater economic support, meanwhile, they take the opportunity and strengthen their penetration and control over Pakistan economy according to the aid terms and conditions, so Pakistan has to tilt towards them in the political and foreign policy and economic benefits. The western countries such as United States provided more economic aids and support than China, China’s economic assistance to Pakistan is in small proportion relatively. With the increase of Degree of Dependence on Foreign countries, especially for the attention to the development and safety of neighboring countries, Pakistan is the partner of the China Pan-South Asia Region strategic relation.Good economic and trading relationship will greatly improve deep and stable development of the Sino-Pakistan, and leads to "Win-Win", otherwise, it will harm China’s economic development, even the national safety. But it is regretful that there are few researches on Pakistan financial development situation and its development and change, and it has restricted greatly economic and financial cooperation relationship. Based on the above, the essay is about the study of Pakistan Banking, Stock Market, Islamic Finance, Mini-Finance, the relation between financial development and economic growth, and financial supporting modes provided by China to Pakistan and so on, by means of theory and practical evidence.The essay has overall study on Pakistan Financial System based on recalling financial development and financial deepening theory, summarizing general rules of its financial system development and change according to its country situation,taking Pakistan as an example, mainly study the characteristic of Islamic financial development and its reference significance to China, the last part focuses on its comprehensive study on the links between Pakistan Financial development and economy increase by means of modern quantum.The essay is divided into seven chapters as follows except for the introduction:Chapter1is about the brief recalling of the financial development and financial deepening.It makes literature comments on Classic Financial repression, financial deepening theory, the research thoughts, method and conclusion of the financial Intermediary Theory,and recalls five links between the past financial development and economy increase.Chapter2, focuses on the analysis of Pakistan commercial bank reform and development.Firstly, it is about the study on the Pakistan Commercial Bank reform, development and change, then make an key analysis of the scale and market structure current situation of Pakistan Commercial Bank, the last part focuses on the comprehensive comments on the achievements made by the reform of Pakistan Banking.The study shows (1):In view of reform logic, Pakistan is a country which has a higher nationalization proportion,its interest rate is under strict control,the financial repression existed seriously,therefore, Pakistan reform emphasizes on the removal of financial repression and the improvement of financial operation efficiency, experiencing three main stages such as initiation, development and deepening,improving the bank system efficiency and stability strengthening by means of the effective ways such as the privatization renovation for the national bank, the banking price management systems deregulation and banking company management and innovation etc.(2)In view of reform achievements,started from1991or so, about20years of reform,Pakistan banking scale is enlarging gradually,with good market structure, competition ability strengthening, outstanding improvement of the management achievement,risk reduction,some predicted periodical progress caused by the reform has been made.Chapter3,focuses on the key analysis of the main characteristic of Islam financial development and its reference significances to China.Firstly, it focuses on the analysis and study on the source of Islam finance and its development experience,basic rules and characteristic,giving brief introduction to the overall financial development of world Islamic finance and detailed description of Pakistan Islam financial scale and structure feature,secondly,analysis the special feature of Islamic finance,then pointing out the unique advantage for Pakistan developing Islamic finance.The last part focuses on the reference significance to China,taking Pakistan as an example.Chapter4, focuses on the key description of the relation between Pakistan stock market and economy development.Firstly,it focuses on the study on the logic starting point and development stage of Pakistan stock market reform,then analysis its place listed in the world,secondly, give detailed analysis of Pakistan stock market current situation in view of Stock Exchange, Public company,investor, stock market scale and opening etc,the last part focuses on the evidence study on the relation between Pakistan stock market and economy development by means of modern quantum.The research shows that the capital market and national output are direction relation (positive), with the development of the stock market, the national output is increasing, vice versa. The relation between the stock market and currency supply is not obvious, showing there are some barriers existed between the capital circulation and Real economy of Pakistan stock market, needing to have farther reform and perfection for whole financial system.Chapter5focuses on the study on the development experience and overall situation of Pakistan Mini finance.Firstly, study two stages for the development of Pakistan Mini finance and have key analysis of its development current situation,secondly, give detailed description of experience and lessons of Pakistan finance development.The study results shows that Pakistan mini finance experienced one to grow out of nothing, becoming large beginning from small size, growing strong from the week after about more than half century of successive development.At present,the perfect organization system has been formed,the employees numbers are double,the coverage and capital and assets are enlargement greatly, some positive achievements has been made in the social development field of Poverty alleviation, improving woman social status and reduction of child labors etc,with good trend management achievements, successive development ability strengthening.Chapter6focuses on the evidence analysis of the relation between Pakistan financial development and economy increase by means to modern quantum.Firstly, it has conducted detailed analysis and quantity description of the overall financial development and economy increase of Pakistan, secondly, it has conducted evidence analysis of the relation between Pakistan financial development and economy increase by means of VAR, co-integration analysis and Error Correction Model etc.Chapter7, focuses on the analysis and study on the issues such as the modes for financial support provided by China to Pakistan and the fields, discussing some practical suggestions.The main innovation of this essay is as follows:(1)Novelty in its selected topic content. Pakistan financial development issue is a completely new content,few scholars involves in.The essay study can make up the shortage and provide some basic research materials for the people who try to know about Pakistan financial development.(2)A11materials about Pakistan are gathered from first hand materials,that is to say,direct translation from Pakistan and foreign materials, the adopted time is new, so it has available historical value and real meaning in gathering materials and evidence.(3)The essay conducts evidence analysis of the relation between Pakistan financial development and economy increase by means of VAR, co-integration analysis and variance decomposition etc, and gains some meaningful research conclusion.Firstly, Pakistan is a Bank-leading market structure; indirect financing is still its main way, with its incomplete capital market, obvious stock price fluctuation, showing week type effective market.Secondly, there are bilateral improvement relation between financial development and economy growth in view of the financial development index a returning results of economy growth.Thirdly,M2contribution to the economy growth is not a simple monotonic linear increase or fall relation, but shows non-linear relation.Accordant to the results, we can judge that the complicated relation between Pakistan currency market and economy growth exists, which leads to the possibility of uncompleted Pakistan financial market development because of low interests rate market degree.Therefore, Pakistan should strengthen financial market reform,Especially for the interest’s rate market, capital and currency market.Fourthly, stock market has oblivious margin effects to the economy growth; Pakistan should greatly develop and perfect direct-financing stock market.Fifthly, the link between the stock and currency supply is not obvious, it shows that the barrier of Pakistan financial market capital circulation exists, it is necessary to conduct further reform and perfection.(4) Some beneficial policy and suggestions can be gained based on the study on the link between Pakistan financial development and economy growth.Firstly, the experiences and guidance are summarized based on the analysis of Pakistan banking development, Islam bank, mini-finance, stock market, finance development and economy growth link.Secondly, taking Pakistan as an example, making a study of unique characteristics of Islamic financial development can provide good experience reference for Islamic finance entering China.Thirdly, the essay tries to give detailed description of Pakistan finance development and provides some basically research achievements for China’s support to Pakistan economy development,expansion and strengthening of Sino-Pakistan strategic cooperation relation, meanwhile,Some practical suggestions such as the modes of China financial development supporting to Pakistan and detailed supporting field in the future and so on are put forward. |
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