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Global & Local Vol. 22 No. 1 Economic Review Volume 22 No.1 2018 Zia Ur Rahman, Manzoor Ahmad, Umar Sultan, Cai Hongbo The determinants of exports between Pakistan and its major trading partners: applying the gravity model approach Flavio Felice The international dimension of the social market economy: Global & LocalGlobal Economic Review 2018 its reception in Italy and Sturzo’s interpretation Umer Shahzad, Suleman Sarwar, Waqas Amin, Qamar-uz-Zaman The relationships among economic growth, renewable energy consumption, co2 emissions and agriculture production: empirical evidence for China and India Muhammad Arif, Kashif Ur Rehman Determinants of the usage of financial services in Pakistan € 13,00 (i.i.) ISSN: 1722-4241 www.mheducation.it Education McGraw-Hill POLICY FOR THE SUBMISSION OF MANUSCRIPTS TO BE PUBLISHED IN THE GLOBAL & LOCAL ECONOMIC REVIEW 1. 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Portofolio Manager B&E: Marta Colnago Programme Manager Custom: Daniele Bonanno Produzione: Donatella Giuliani Stampa: Prontostampa, Verdellino Zingonia (Bergamo) 0F*UDZ+LOO(GXFDWLRQ ,WDO\ ISSN (print) 1722-4241 - ISSN (online)1974-5125 1 2 3 4 5 6 7 8 9 0 PS PS 2020 2019 2018 2017 Global & Local Economic Review Volume 22 No. 1 2018 TABLE OF CONTENTS Zia Ur Rahman, Manzoor Ahmad, Umar Sultan, Cai Hongbo The determinants of exports between Pakistan and its major trading partners: applying the gravity model approach Pag. 1 Flavio Felice The international dimension of the social market economy: its reception in Italy and Sturzo’s interpretation ” 23 Umer Shahzad, Suleman Sarwar, Waqas Amin, Qamar-uz-Zaman The relationships among economic growth, renewable energy consumption, co2 emissions and agriculture production: empirical evidence for China and India ” 41 Muhammad Arif, Kashif Ur Rehman Determinants of the usage of fi nancial services in Pakistan ” 69 * /(59RO1R ___________________________ =LD8U5DKPDQ 0DQ]RRU$KPDG8PDU6XOWDQÁ&DL+RQJER 7+('(7(50,1$1762)(;32576%(7:((13$.,67$1$1',76 0$-2575$',1*3$571(56$33/<,1*7+(*5$9,7<02'(/ $3352$&+ $EVWUDFW 7KLV VWXG\ VHHNV WR LGHQWLI\ UHOHYDQW IDFWRUV IRU 3DNLVWDQ¶V ELODWHUDO H[SRUWV ZLWKLQ WKH IUDPHZRUN RI DQ DXJPHQWHG JUDYLW\ PRGHO WR DQDO\]H YDULRXV GHWHUPLQDQWV RI 3DNLVWDQ¶V H[SRUWV WR LWV ILIWHHQ PDMRU WUDGLQJ SDUWQHUVZKLFKDEVRUEDOPRVWRI3DNLVWDQ¶VWRWDOH[SRUWV3DQHOGDWD IURP D WKLUWHHQ\HDU SHULRG FRYHULQJ WKH \HDUV WR KDYH EHHQ XVHG7KHDLPRIWKLVVWXG\LVWRGLVFRYHULIWKHPRVWFRPPRQJUDYLW\PRGHO YDULDEOHVKDYHVLPLODUHIIHFWVRQ3DNLVWDQ¶VH[SRUWVDVWKH\KDYHIRUPRVWRI WKH DGYDQFHG HFRQRPLHV 7KH +DXVPDQ WHVW UHYHDOV WKDW WKH IL[HG HIIHFWV PRGHO LV WKH PRVW DSSURSULDWH PRGHO IRU RXU SDQHO GDWD DQDO\VLV 2XU HVWLPDWHG UHVXOWV VKRZ WKDW WKH SURGXFW RI DQ H[SRUWLQJ FRXQWULHV¶ *'3 H[FKDQJH UDWH IRUHLJQ GLUHFW LQYHVWPHQW 6$$5& PHPEHUVKLS DQG )7$V KDYH VLJQLILFDQW SRVLWLYH LPSDFWV ZKLOH GLVWDQFH DQG WHUURULVPKDYH VLJQLILFDQWGHOHWHULRXVDQGQHJDWLYHLPSDFWVRQ3DNLVWDQ¶VH[SRUWV7KHVWXG\ DOVRIRXQGWKDWDQLQFUHDVHLQWKHSHUFDSLWD*'3RIDQH[SRUWLQJSDUWQHUKDV DQHJDWLYHHIIHFWDQGVKDULQJDFRPPRQODQJXDJHZLWKDQH[SRUWLQJSDUWQHU KDV D SRVLWLYH EXW VWDWLVWLFDOO\ LQVLJQLILFDQW LPSDFW RQ 3DNLVWDQ¶V H[SRUWV 7KH UHVXOWV RI WKLV VWXG\ ZLOO EH KHOSIXO WR WKH 3DNLVWDQL JRYHUQPHQW LQ VHWWLQJH[SRUWSROLFLHV -(/&/$66,),&$7,21)))& .(<:25'6 *5$9,7< 02'(/ (;3257 *'3 (;&+$1*( 5$7(7(5525,60)',3$.,67$1 3K'6WXGHQWLQ:RUOG(FRQRPLFV5HVHDUFK6FKRROIRU6RXWKHDVW$VLDQ6WXGLHV;LDPHQ8QLYHUVLW\ 1R6RXWK6LPLQJ5RDG;LDPHQ)XMLDQ&KLQD3KRQHE-mail address ]UDKPDQ#\DKRRFRP 3K'6WXGHQWLQ6FKRRORI(FRQRPLFV'HSDUWPHQWRI,QGXVWULDO(FRQRPLFV1DQMLQJ8QLYHUVLW\ Á 6XEMHFW 6SHFLDOLVWV LQ (FRQRPLFV (OHPHQWDU\ DQG 6HFRQGDU\ (GXFDWLRQ 'HSDUWPHQW .K\EHU 3DNKWXQNKZD3DNLVWDQ $VVRFLDWH3URIHVVRU%HLMLQJ1RUPDO8QLYHUVLW\%XVLQHVV6FKRRO%HLMLQJ&KLQD 1 The Determinants of Exports Between Pakistan… ,QWURGXFWLRQ $FFRUGLQJWRWKHH[SRUWOHGJURZWKK\SRWKHVLVH[SRUWVDUHLPSRUWDQWIRU DFRXQWU\¶VHFRQRPLFJURZWKDQGIURPWKHSHUVSHFWLYHRILQWHUQDWLRQDOWUDGH WKHRU\H[SRUWVSOD\DYLWDOUROHLQDQGDUHEHOLHYHGWREHWKHHQJLQHIRUWKH HFRQRPLF JURZWK RI DQ\ FRXQWU\ +XPD\RQ 5DP]DQ $KPDG 1DVHHE0XKDPPDG%DKDGDU 1DGHHP$]DP,VODP 6DMMDG DQG 0DKPRRG DQG $I]DO $OL QG $OWKRXJK 3DNLVWDQ LV WKH WK ODUJHVWH[SRUWHFRQRP\LQWKHZRUOGLWVH[SRUWVGRQRWHTXDORUH[FHHGLWV LPSRUWV 3DNLVWDQ¶V WRWDO H[SRUWV ZHUH ELOOLRQ DQG LWV LPSRUWV ZHUH ELOOLRQUHVXOWLQJLQDWUDGHGHILFLWRIELOOLRQ :', 7KH PDMRUUHDVRQIRUWKLVGHILFLWLVWKDW3DNLVWDQ¶VH[SRUWVDUHEDVHGRQSULPDU\ FRPPRGLWLHVDQGVHPLPDQXIDFWXUHGJRRGVDQGOHVVRQPDQXIDFWXUHGJRRGV )OXFWXDWLQJZRUOGGHPDQGIRULWVH[SRUWVGRPHVWLFSROLWLFDOXQFHUWDLQW\WKH LPSDFW RI RFFDVLRQDO GURXJKWV RQ LWV DJULFXOWXUDO SURGXFWLRQ WHUURULVP VHYHUHHQHUJ\VKRUWIDOOVDQGDODFNRILQIUDVWUXFWXUHKDYHDOOFRQWULEXWHGWR WKHYDULDELOLW\LQ3DNLVWDQ¶VWUDGHGHILFLW3DNLVWDQLVWKHWKODUJHVWSURGXFHU