Lums Msc Economics i5f23

www.lums.edu.pk

2012-2013

MSc ECONOMICS

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The Programme The LUMS MSc Economics programme has been designed to set a new standard in graduate level economics education in the country, and to meet the growing need for well-trained economists in both the public and private sectors. The programme provides strong grounding in theory and application, and is based upon a rigorous curriculum consisting of core and elective courses with the option of Master’s thesis and specialisations in Development Economics, Economic Theory and Finance, Money & Banking.

The core courses are Microeconomic Analysis, Macroeconomic Analysis, Econometric Analysis, Mathematical Analysis and Applied Econometrics. The elective courses are offered from the areas of concentration of the available faculty, which include Development Economics, Game Theory and Applied Game Theory, Public Finance, Growth Models, Trade and Development, Political Economy, Industrial Organisation, Labour Economics and Agricultural Economics.

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Individuals wishing to pursue a career in economics and related specialties Individuals planning to pursue doctoral studies in economics, public policy and related disciplines Professionals from public sector, regulatory agencies and NGOs Mid-career professional economists Financial sector managers

Two-Track Programme Structure The MSc Economics is a two-track programme. The one year track is aimed at applicants with a strong academic background in economics and the two year track is aimed at candidates who do not have the adequate economics grounding. The first year of the two year track requires candidates to develop a suitable background in economics by successfully completing a required number of economics courses. In the one year track students will be required to complete either 30 credit hours of course work, or 26 credit hours of course work and a Master’s thesis (4 credit hours). Under the two-year stream, students will have to complete undergraduate level courses (28 credit hours) in the first year and 30 credit hours in the second year, same as in the one year track.

Research Facilities LUMS envisions becoming a cutting-edge research institute for the region and facilitates research for students and faculty alike. Its multi-disciplinary library serves the faculty, students, researchers and staff of the university. Its collection is ideally suited to encourage and both scholarly pursuits and practical research activities. ed by state-of-the-art technology and systems. The library has an extensive collection of over 200,000 printed and 130,000 online books, 35,000 journals, and 30,000 other materials including audios, videos, CD-ROMs, ad DVDs, to facilitate various research and academic pursuits. The Data Resource Unit (DRU) is an online repository of data resources developed by the Department of Economics at LUMS to facilitate academic and policy oriented research on Pakistan. With a few exceptions, the data resources at the Department of Economics mostly consist of individual and household-level data from Pakistan’s household and labour force surveys, government surveys, financial and provincial development statistics and LUMS surveys. DRU allows its s instant online access to datasets pertaining to millions of households and individuals and accompanying documentation in the form of original questionnaires and additional material e.g., code books and section-wise description of data sets. This exhaustive hub of data resources is constantly being updated. Presently, about 90 datasets are available on-line or offline in SPSS and Stata format.

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The Faculty The MSc economic faculty comprises PhDs from some of the world’s finest institutions, such as Pennsylvania, Cambridge, McGill, Oxford and Princeton, among others. Regular involvement in international conferences and publications keeps LUMS faculty abreast of global education trends. Moreover, eminent visiting scholars further diversify and enrich the learning experience at LUMS. 1.

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Abid Aman Burki PhD - Kansas State University Research Interests: Stochastic and DEA Frontier Efficiency; Productivity Change; Empirical Consumer Demand Models; Industry/ Sector Studies; Agricultural Development; Dairy Sector; Economic Eevelopment of Pakistan; Services Trade and the WTO Ali Cheema PhD – University of Cambridge Research Interests: Institutional and Development Economics, Rent Seeking Theory, Small Firm Growth, Productivity Analysis, and Industrial Economics Antonio Marasco PhD – Radboud University Research Interests: Development Economics, Political Economy, Applied Microeconomics M. Farooq Naseer PhD – Yale University Research Interests: Development Economics and Applied Microeconomics Hammad Siddiqi Al-Sabah PhD – Northern Illinois University Research Interests: Financial Market Puzzles, Incorporating Insights from Psychology into Economic Models, Behavioural Game Theory and inter-linkages between Business Cycles and Economic Growth

6. Kashif Z. Malik PhD Florida State University 7. Khalid Mir PhD – University of Essex Research Interests: Child Labour and Globalisation; the Political economy of development: the Role of Institutions in the Transformation to Market Societies 8. Mushtaq A. Khan PhD – Kansas State University Research Interests: Labour Economics, Applied Econometrics and Agriculture Economics. 9. Syed Ali Hasnain PhD – George Mason University Research Interests: Lab & Field Experiments; Governance; Market Design; Economic Analysis of the Law 10. Syed Zahid Ali PhD – McMaster University 11. S.M Turab Hussain PhD – University of Essex Research Interests: Exchange Rate Policy, Macroeconomic Policies 12. M. Usman Khan MPhil – University of Cambridge Research Interests: Private Sector Development, Industrial Policy, Economic Growth, Strategy and Competitiveness of Industrial Sector 13. Nazish Afraz MSc – London School of Economics



Research Interests: Policy Evaluation, Impact Assessments and Network Effects particularly pertaining to developing countries 14. Adeel Faheem MSc – Toulouse School of Economics Research Interests: Industrial Organisation and Development Economics 15. Syeda Shahbano Ijaz MSc – Oxford University Research Interests: State Fragility and Economic Development, using the Collier Hoeffler Models constraints and incentives framework to explore how the presence of civil war impacts development outcomes in a country. 17. Lyyla Khalid MSc – University College London 18. Nadia Hassan MSc – University of Essex 19. Tareena Musaddiq MSc – Univeristy of Warwick Research Interests: Applied Microeconomics, Financial Inclusion and Microfinance, Firm Competitiveness, Labour Economics 20. Nadia Mukhtar MSc – LUMS 21. Kiran Naseer MSc – LUMS 22. Farah Shahid Hassan MSc – LUMS Research Interests: Agricultural Economics 3

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Core Courses for the first year of the Two Year Track Fall Semester n

Principles of Microeconomics (4 units)

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Principles of Macroeconomics (4 units)

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Statistics and Data Analysis (4 units)

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Mathematics for Economists (4 units)

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Intermediate Microeconomics (4 units)

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Intermediate Macroeconomics (4 units)

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Econometrics (4 units)

Courses for the One Year Track/ Second Year of the Two Year Track Fall Semester

Career Prospects Graduates of the MSc Economics programme have the option to either seek jobs in the public and private sector or pursue higher studies in Pakistan oursees. The Career Services Office (CSO) assists graduates in seeking placement and applyling for higher studies. LUMS graduates have established themselves as highly marketable individuals with a diverse set of relevant skills. The assistance provided by LUMS helps students make informed career choices. Development, Banking, Education, Research and Consultancy are some of the sectors that actively seek LUMS MSc Economics graduates. Graduates pursuing their doctoral studies concentrate on the areas of Public Policy, Economic Theory, Finance and Development.

student Research Interests 1.

Microeconomic Analysis (4 units) Econometrics and Research

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Methodology 1 (4 units)

Topics in Mathematical Methods for

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Economists (3 units)

Elective 1 (4 units)

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Electives available in fall semester:

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1. Trade and Development 2. Options, Swaps and Futures 3. Growth Theories

Spring Semester

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Macroeconomic Analysis (4 units) Econometrics and Research

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Methodology 2 (3 units)

Elective 2 (4 units) n Elective 3/or Master’s Thesis (4 units) n

Electives available in Spring semester: 1. Topics in Development Economics 2. Applied Microeconomics 3. Corporate Finance 4. Advanced International Finance 5. Financial Markets and Institutions

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Mehreen Burki (2011) Agglomeration Economies and Technical Inefficiency of Firms in Pakistan’s Manufacturing Maham Niazi (2011) Comparing the Role of Domestic and International Institutions in Attracting FDI to Low Income Countries Muhammad Tahir Ali (2010) Trends and Sources of Total Factor Productivity Growth: District Level Analysis of Pakistani Agriculture Kiran Naseer (2009) How Well Do We Understand the Causes of Rural Poverty? Impact of Household Size, Assets and Regional Indicators on Poverty Sobia Malik (2009) The Impact of Chronic Disease on Food Poverty: Empirical Evidence from the Data. Isa Khan (2009) Do Foreign Remittances and Household Wealth Affect Child Labour? Evidence from Pakistan. Tahreem Hussain (2009) Capital Liberalisation under Asymmetric Information. Ayesha Rasheed (2009) Exploring the Link Between Economic Growth, Foreign Direct



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Investment and Human Capital: Evidence from Low Income Countries Azma Batool (2009) Do Household Characteristics Matter in Dynamic Poverty Determination? Evidence from Pakistan Fariha Fatima (2007) Income Polarisation and Inequality in Pakistan: A Comparative Analysis Sabbah Rahooja (2007) Determinants of Housing Demand across Income Groups in Pakistan Muneeza Alam (2006) The Impact of Social Influence on the Ultimatum Bargaining Outcome Mariyam Saeed (2005) Pakistan: Structuralisation of Industrial Policy Aliya Sattar (2004) Deletion Policy of the Automobile Sector of Pakistan: What Does WTO Have in Store Atif Ikram (2004) Corporate Governance in Pakistan: Rationale, Issues and Concerns Aisha Shafique (2003) Explaining Total Factor Productivity Change for Commercial Banks of Pakistan

www.lums.edu.pk

The University Established in 1985, Lahore University of Management Sciences ranks amongst the top universities of Pakistan, with a strong dedication to the advancement of knowledge in a broad range of disciplines as its guiding vision. LUMS prides itself on its exceptional faculty and choice of subject offerings including business management, sciences and engineering, humanities, social sciences, economics and law among others.

Campus and facilities The LUMS campus is spread over 100 acres and is fully-equipped with numenons modern day facilities for students. It is adjacent to the Defence Housing Authority (DHA), a developed suburb of Lahore with several restaurants, hospitals and other facilities. The Allama Iqbal International Airport is in close proximity to the campus. In accordance with the University’s mission, the campus has been carefully planned to provide excellent facilities to students and to create an environment that is conducive to learning. Some of its features include state-of-the-art classrooms, up-to-date library, laboratories, on-campus housing, mosque and integrated sports and recreational facilities.

Residential Colleges To increase interaction and understanding between newly arriving freshmen and existing students, and encourage personalised interaction with mentors, LUMS has adopted the Residential College model. A residential college is an independently governed community within the university and acts as a faculty-led society for both hostel residents and day scholars. Presently there are four Residential Colleges functioning at LUMS. Each Residential College holds activities and social events for students to build a more cohesive environment and sense of community.

Societies Students are encouraged to take part in a number of student-run clubs or societies, catering to a diverse range of interests. Whether it is the LUMS Adventure Society (LAS), the LUMS Entrepreneurial Society (LES), the LUMS Model UN Society (LUMUN), or Sports at LUMS (SLUMS), students are made to feel part of the LUMS community.

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ission Criteria LUMS ensures strict adherence to merit. The ission criteria for the MSc Economics programme is: l Academic record l Entrance GRE (General)/ LUMS Graduate issions Test (LGAT) scores l LUMS Placement Test (for one-year track students only) l Letters of recommendation

Academic record

Any one of the following academic qualifications will satisfy the eligibility requirements for ission: • Sixteen years of education resulting in a Master’s or four year Bachelor’s degree from a recognised university • Three year BA/BSc Honours from a recognised international university Students with insufficient training in Mathematics/ Economics are strongly advised to take the two year track. Final decision regarding eligibility for the one-year or two-year programme will be taken by the issions Committee. Candidates with degrees from institutions not listed with the Higher Education Commission (HEC) of Pakistan will be required to get an equivalence certificate from the HEC.

Entrance Test

Graduate Record Examination (GRE) GRE (General) is offered as a computer adaptive test worldwide. GREs taken more than five years prior to the ission deadline will not be considered valid. It is important to note that only GRE results that are received by LUMS directly from Educational Testing Service (ETS) in the US will be accepted. LUMS code for GRE is 0679. OR

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LUMS Graduate ission Test (LGAT) LGAT is offered as an alternative to candidates who are unable to take the GRE. LGAT is istered in Karachi, Lahore and Islamabad simultaneously.

LUMS MSc Economics Placement Test (For one-year students only)

All students applying to the one-year MSc Economics programme must take the placement test. However, this test is not required for candidates applying for the two year track. The placement test is istered in Karachi, Lahore and Islamabad and tests the intermediate level of micro and macro economic theory.

Fee Structure The fee structure for the academic year 2012 – 2013 is as follows::

One Time Expenses Fee ..............................................................................................................PKR Tuition Fee.........................................................................................402,000 ission............................................................................................ 40,000 Registration......................................................................................... 30,000 Security (Refundable).......................................................................12,000 Sub total - Other fee......................................................................... 82,000 Total Fees- New Class........................................................ 484,000 * Tuition fee will depend on the number of credit hours taken in a year. The average number of credit hours taken per year is 30.

Students will be responsible for buying their own books and other reading material. Estimated expenses for reading material is Rs 350450 per credit.

Financial Assistance LUMS provides financial assistance to deserving candidates every year. Scholarships and loans are awarded on need and merit basis. Currently, 45% of the students at LUMS are getting financial assistance in the forms of scholarships and loans which are both need and merit-based. Last year PKR 1, 024, 650 were given as financial assistance to Lums MSc Economics students.

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Published by: LUMS Marketing & Communications Office Lahore University of Management Sciences Telephone: +92-42-111-11-LUMS (5867) (Ext. 2177) Fax: +92-42-35896559 Email: [email protected] www.lums.edu.pk 8