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AbstractIn this article, a Stein-type weighted limited information maximum likelihood (LIML) estimator is proposed. It is based on a weighted average of the ordinary least squares (OLS) and LIML estimators, with weights inversely proportional to the Hausman test statistic. The asymptotic distribution of the proposed estimator is derived by means of local-to-exogenous asymptotic theory. In addition, the asymptotic risk of the Stein-type LIML estimator is calculated, and it is shown that the risk is strictly smaller than the risk of the LIML under certain conditions. A Monte Carlo simulation and an empirical application of a green patent dataset from Nordic countries are used to demonstrate the superiority of the Stein-type LIML estimator to the OLS, two-stage least squares, LIML and combined estimators when the number of instruments is large.

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The equity market plays an important role in the economic
development of a country. However, in Pakistan the equity market has not
played its due role because of interventionist economic policies and
over reliance on debt financing. It was not until the middle of 1980s
that thc importance of the equity market was recognised and steps were
taken to activate thc market. However. the market actually became active
in the beginning of 1991 when it was opened to foreign investors.
besides other liberalisation measures. Since then tbe market bas made
considerable progress and improved in size and depth. This paper reviews
the performance of the Pakistani equity market in the background of
Pakistan's'Go!den Jubilee programme. The information was collected li'om
thc Corporate Law Authority (the regulatory body), the State Bank of
Pakistan (the central bank). and International Finance Corporation (a
branch of the World Bank). The paper shows that the Pakistani equity
markct gained momentum in the 1960s and made significant progrcss in
listings and market capitalisation. However. the market lost its
momentum in the 1970, due to political turmoil in the country and the
nationalisation policies adopted by the then government. Though the
policy of greater reliance on private enterplise restored the markct
scntiments in the 1980s, the market actually regained its momcntum in
early 1990s when it was opened to international investors. [n terms of
its performance. the market was ranked third in 1991 among the emerging
markets. Unfortunately, the market could not maintain its peIi'ormance
in later years because of economic and political instability. A series
of political changes in the country, cthnic vio[ence in Karachi,
increasing inllation and unemployment rates, widening budget delicits,
etc., proved to be detrimental to business activities.

Besides fiscal policy, monetary policy is designed to attain
sustained economic growth and to contain inflation within manageable
limits. Usually monetary policy is pursued through variations in money
supply in accordance with the requirement of output level and employment
on one hand and price stability on the other. In Pakistan monetary
policy is formulated to control total monetary assets keeping in view
the projected growth rate of GDP, monetisation of the economy and the
likely surplus or deficit in the country's international account. Once
the safe limit of total monetary assets is determined it is then
realised through different indirect measures, namely, the liquidity
ratio, reserve requirements and the bank rate. l?rior to 1972 credit was
controlled by these indirect measures. However, the separation of the
Eastern wing and the two oil shocks of the early 1970's indicated the
shortcomings of indirect methods when they failed to cope with the new
situation. The open market operation could not be materialised due to
marginal or nominal demand of government securities. The credit
budgeting measure was introduced in 1972, replacing the old one, wherein
the principal instrument is the credit ceiling for the commercial banks
and they are bound to allocate credit to the priority sectors as
determined by the government. Credit budgeting has proved to be an
effective instrument of monetary policy both as a means of providing
necessary funds for the development process and for curbing the
increasing trends in prices. The credit ceiling with· its beneficial
effects also has some adverse effects for example, commercial banks have
little incentive in mobilising deposits, and their ability to respond to
demand becomes extremely limited. The response of the public and
commercial banks, to a certain extent, depend upon the credit ceilings
determined by the monetary authority.

This research explores the history and administrative evolution of the Gilgit Baltistan (GB) region, employing a comprehensive approach that combines historical analysis and empirical investigation. The study spans from the region's earliest history, characterized by limited accessibility and remote location, to its pre-independence eras divided into BCE to the 7th century, monarchs' invasion era (8th to 18th century), and the European colonization to Dogras (Sikhs) era (1840 to 1947-48). The research highlights vital dynasties and influences during each phase, emphasizing the role of Dogras as the last rulers before independence. The study explores GB's independence in two consecutive years, with Gilgit gaining independence in late 1947 and Baltistan in 1948, marking Pakistan's independence as a catalyst for the region's freedom. The affiliation with Pakistan, driven by the "Two Nation Theory" and Islamic principles, is detailed, emphasizing the sequence of regional affiliations with Yasin, Gilgit, and the states of Hunza and Nagar. The standpoint of Pakistan on GB as part of the Kashmir dispute is analyzed, and the region's constitutional status is examined. Despite being affiliated with Pakistan since its independence, GB lacks representation in the upper and lower houses of the Pakistani parliament as of 2023. The research methodology traces the administrative development of GB, from advisory councils to the current Gilgit Baltistan legislative assembly, reflecting the region's political transformation. The study concluded by detailing the latest government in power, providing a thorough understanding of the region's historical overview and contemporary governance.

The paper aims to review the growth performance of Pakistan's
agriculture from 1950 to 1995. The long-term growth rate of agriculture,
although respectable, has exhibited considerable yearly fluctuations
even between decades. The period of the fifties and early seventies
lacked any growth. Accelerating and high growth rates marked the decade
of the sixties but the performance has not been satisfactory since
1979-80 and average growth rates have barely exceeded the population
growth rate, with widespread implications for growth of national
economy, food security, and social welfare of the masses. Area, modern
inputs, and technology have been the major determinants of growth but
prices were equally important because of their incentive and
disincentive effects. The agriculture price policies adopted during the
1980s are known to have had a negative effect on the development and use
of technology in agriculture. In order to boost agricultural
productivity, a change in price policy is needed to ensure incentive
prices. This could be done by setting agricultural commodity prices at
par with corresponding import and export parity prices. A higher
investment in research and development can hardly be overemphasised.
There is an urgent need to remove the bottlenecks in agricultural input
markets since these markets represent the typical monopoly position. To
break up the monopoly of registered dealers and to promote competition,
free sales in the open market by interested parties and individuals may
be allowed.

In recent years, the subject of decision-making in public infrastructure projects has become an important topic not only in project management but also in programme and portfolio management literature. Today, interdisciplinary projects are becoming a key focus in the collection, design and execution of government-sponsored programmes. With the various underlying risks and uncertainties, developed countries greatly depend on strategic planning regarding decision-making in infrastructure projects, whereas, in developing countries, the public sector programmes and projects are greatly affected by the lack of standardised and robust decision-making. This is primarily due to the lack of expertise to deal with the increasing complexity of the projects. This article aims at analysing the decision-making process in infrastructure development programmes/projects and discusses the factors affecting the decision-making process and thereby statistically chalking out the key losses caused by the delay in decision-making process in the public sector infrastructure projects of Pakistan. The findings will contribute towards understanding the criticality of decision-making process and mitigating the delay factors by encouraging to introduce standardisation in decision-making processes in the public sector. JEL Classification: C51, D7, D91, L74, O18