Department of Economics

Dr. Muhammad Afzal

Dr. Muhammad Afzal
Dr. Muhammad Afzal

DEAN Faculty of Arts & Social Sciences/ Chairperson

Professor of Economics

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Dr. Muhammad Afzal is Professor of Economics & Dean, Faculty of Arts & Social Sciences, Lahore College for Woman University, Lahore.
Earlier, Dr. Afzal has also served in Education Department, Government of the Punjab and at University of the Punjab, Lahore, Pakistan. Dr. Afzal has been Member as well as Convener of numerous statutory (BOS, BOF, Academic Council, Syndicate) and non-statutory committees in academic and other professional institutes like HEC and Punjab Bureau of Statistics. 
Dr. Afzal acquired M.Phil and Ph.D. Degrees in Economics from Government College University (GCU), Lahore and University of the Punjab, Lahore, respectively. He received Master’s degree in Economics from the University of the Punjab, Lahore and was placed in First Division. Dr. Afzal was Honored Best Teacher Award in the Department of Economics, University of the Punjab, Lahore, for the Academic Year 2005, scored the Highest Marks in M.Phil. Thesis (Econ-899) from GCU, Lahore from GCU, Lahore, and attended Warwick Economics Summer School 2015, Department of Economics, University of Warwick, UK.
Dr. Afzal has 27 years teaching experience at graduate and post graduate levels in different educational institution of Pakistan. His main areas of interest in teaching to Ph.D., M.Phil and Master Level students in Economics includes Microeconomics & Macroeconomic Theory and Analysis, Applied Econometrics: Microeconometrics & Macroeconometrics, Applied Economics, Qualitative & Quantitative Research Methods, and Statistics for Economics, Business and Management, and Managerial Economics. He has an extensive experience of using Data Analysis packages like SPSS, EViews, Stata and Microfit. 
Dr. Afzal has widely and regularly contributed research papers in HEC recognized journals of international repute. He has supervised more than 1000 Ph.D., M.Phil, Master, MBEcon Research Projects and PGDAE Term Papers. He is regularly contributing to National and International Conferences, Workshops, Seminars, Lecturer and Peer Reviewed Research Journals. At these platforms Dr. Afzal interacted and collaborated with the renowned world experts in the field of Economics, Business and Management. He is also working as a reviewer of different national and international journals. Dr. Afzal authored numerous research papers that dealt with macro and micro issues/problems of Pakistan:
  1. The Role of Corruption, Transparency, and Regulations on Asian Banks’ Performance: An Empirical Analysis
  2. Is government spending in the education and health sector necessary for human capital development?
  3. Women’s empowerment in context of socio-economic elements: A contextual investigation of Central Punjab, Pakistan
  4. Determinants of women entrepreneurship mindset in achieving sustainable development: A case study of Lahore, Pakistan
  5. Comparison of shrinkage and feature selection methods for modeling GDP of Pakistan
  6. Environmental awareness and air quality: The mediating role of environmental protective behaviors
  7. Role of women's empowerment in achieving Sustainable Development Goals: Empirical evidence from Central Punjab-Pakistan
  8. Regional diversity of sustainable economic development in Punjab Province Pakistan
  9. Measurement of living standards deprivation in Lahore (A periodical comparison approach)
  10. Determinants of audit quality in Pakistan
  11. Measurement of living standards deprivation in Punjab using AF method (Periodical comparison approach)
  12. Dynamic role of Zakat in alleviating poverty: A case study of Pakistan
  13. Private financial returns to education for employees of financial institutions in Lahore: Microeconometric analysis
  14. Microeconometric analysis of earnings oriented educational system of Lahore (Pakistan)
  15. Education, health, food inflation and economic growth in Pakistan
  16. Institutions and economic growth in South Asia
  17. Gender disparity in Pakistan: A case of middle and secondary education in Punjab
  18. Openness, inflation and growth relationships in Pakistan: An application of ARDL Bounds Testing approach
  19. Education, poverty and economic growth in South Asia: A panel data analysis
  20. Relationship among education, poverty and economic growth in Pakistan: An econometric analysis
  21. Education and economic growth in Pakistan: A cointegration and causality analysis
  22. Microeconometric analysis of private returns to education and determinants of earnings
  23. Household characteristics and primary school education: A case of Province Punjab-Pakistan
  24. Determinants of manufacturing value added in Pakistan: An application of bounds testing approach to cointegration
  25. Relationship between school education and economic growth in Pakistan: ARDL bounds testing approach to cointegration
  26. Exploring the effect of total factor productivity growth on future output growth: Evidence from a panel of East Asian countries
  27. Effect of leadership and academic culture on implementation of Self-Assessment Manual in public sector universities of Pakistan
  28. A dynamic analysis of the relationship among human development, exports and economic growth in Pakistan
  29. Causal nexus between economic growth, exports and external debt servicing: The case of Pakistan
  30. An analysis of the relationship between debt burden and human resource development: A case study of Pakistan
  31. The J curve phenomenon: An evidence from Pakistan
  32. The black market exchange rate and stability of demand for money in Pakistan
  33. Economic options for agricultural production in saline areas of Pakistan
  34. Forecasting: A dilemma of modules (A comparison of theory based and theory free approaches)
Two of his books entitled “Forecasting Performance: The Case of Pakistan’s Exports”, and “Private Returns to Education and Determinants of Earnings: An Econometric Analysis” have been published in Germany. Another two books entitled” Tafheem Moashiat for Intermediate Part I and Tafheem Moashiat for Intermediate Part II (helping books for Intermediate level students in Urdu Language) have been published in Lahore-Pakistan. Furthermore, Dr. Afzal has contributed a Chapter on “Public Debt: Effective Political Tool of Economy in Pakistan” published in a book entitled “Pakistan Unresolved Issues of State and Society” by Hasnat, S. F., & Faruqui, A. in 2008.
Dr. Afzal has been committed in improving the quality of teaching and learning, presenting papers in Professional Conferences/Seminars/Workshops, Academic Writing, and Research. Dr. Afzal participated in Various Talk Shows and Panel Discussions on Media as an Economist for Economic Analysis of Various National and International Issues. Last but not least, Dr. Afzal is passionate in working collaboratively as Group Leader as well as a Team Member.
Research Papers Published in Journals of International Repute
  • Samia Nasreen, Mehwish Gulzar, Muhammad Afzal and Muhammad Umar Farooq (2023), The role of corruption, transparency, and regulations on Asian Banks’ performance: An empirical analysis, Journal of the Knowledge Economy

  • Shazia Kousar, Farhan Ahmed, Muhammad Afzal and Juan E. Trinidad Segovia (2023), Is government spending in the education and health sector necessary for human capital development?, Humanities and Social Sciences Communications, Volume 10, No. 01, pp. 1-11.

  • Hafsah Batool, Muhammad Afzal (2022), Women’s empowerment in context of socio-economic elements: A contextual investigation of Central Punjab, Pakistan, Pakistan Economic Review, Volume 5, No. 2 (Winter 2022), pp. 98-125.

  • Rubab Aslam Malik, Hafsah Batool and Muhammad Afzal (2022), Determinants of women entrepreneurship mindset in achieving sustainable development: A case study of Lahore, Pakistan. Journal of Positive School Psychology, Volume 6, No. 12, pp. 1665-1688.

  • Irum Sajjad Dar, Muhammad Afzal, Sadia Khalil and Maira Shamim (2022), Comparison of Shrinkage and Feature Selection Methods for modeling GDP of Pakistan. Journal of Statistics & Management Systems, Volume 25, No. 4, pp. 957- 969.

  • Shazia Kousar, Muhammad Afzal, Farhan Ahmad and Stefan Bojnec (2022), Enviromental awareness and air quality: The mediating role of environmental protective behaviors. Sustainability, Volume 14, No. 6, pp. 1-20.

  • Hafsah Batool and Muhammad Afzal (2021), Role of women's empowerment in achieving Sustainable Development Goals: Empirical evidence from Central Punjab-Pakistan. Webology, Volume 18, No. 6, pp. 6778-6809.

  • Hafsah Batool and Muhammad Afzal (December 2021), Regional diversity of Sustainable Economic Development in Province Punjab of Pakistan. Indian Journal of Economics and Business, Volume 20, No. 4, pp. 1999-2015.
  • Muhammad Afzal, Shamim Rafique and Farhan Hameed (2015), Measurement of living standards deprivation in Punjab using AF method (Periodical comparison approach). The Pakistan Development Review, Volume 54, No. 4, Part I & II (Winter), pp. 739-763. https://www.pide.org.pk/pdf/PDR/2015/Volume4/739-763.pdf
  • Mian M. Akram, and Muhammad Afzal (2015), Dynamic role of Zakat in alleviating poverty: A case study of Pakistan. Research Journal Social Sciences, Volume 4, No. 1, pp. 1-25.

  • Muhammad Afzal, Ishrat Begum, Hina Fatima and Kafeel Sarwar (2015), Private financial returns to education for employees of financial institutions in Lahore: Microeconometric analysis. Journal of Elementary Education, Volume 25, No. 1, pp. 107-133.

  • Muhammad Afzal, (2014), Microeconometric analysis of earnings oriented educational system of Lahore (Pakistan). Pakistan Economic and Social Review, Volume 52, No. 2 (Winter 2014), pp. 227-256.
  • Muhammad Afzal, Muhammad Gulfam Arshed and Kafeel Sarwar (2013), Education, health, food inflation and economic growth in Pakistan. Pakistan Economic and Social Review, Volume 51, No. 2 (Winter 2013), pp. 109-138.

  • Sarwar, Muhammad Afzal, M. Shafiq and H. Rehman (2013), Institutions and economic growth in South Asia. Journal of Quality and Technology Management, Volume IX, Issue 2 (December), pp. 01-23.

  • Muhammad Afzal, Abdul Rauf Butt, Rafaqat Ali Akbar and Seemab Roshi (2013), Gender disparity in Pakistan: A case of middle and secondary education in Punjab. Journal of Research and Reflections in Education, Volume 7, Issues 2, pp.113-124.

  • Muhammad Afzal, Muhammad Ehsan Malik, A. Rauf Butt and Kalsoom Fatima (2013), Openness, inflation and growth relationships in Pakistan: An application of ARDL Bounds Testing Approach. Pakistan Economic and Social Review, Volume 51, No. 1 (Summer), pp. 13-53.

  • Muhammad Afzal, M. Shafiq, N. Ahmad, H. M. Qasim and K. Sarwar (2013), Education, poverty and economic growth in South Asia: A panel data analysis. Journal of Quality and Technology Management, Volume IX, Issue I (June), pp. 131-154.

  • Muhammad Afzal, Muhammad Ehsan Malik, Ishrat Begum, Kafeel Sarwar and Hina Fatima (2012), Relationship among education, poverty and economic growth in Pakistan: An econometric analysis. Journal of Elementary Education, Volume 22, No. 1, pp. 23-45.

  • Muhammad Afzal, Hafeez ur Rehman, Muhammad Shahid Farooq and Kafeel Sarwar (2011), Education and economic growth in Pakistan: A cointegration and causality analysis. International Journal of Educational Research, Volume 50, Issues 5-6, pp. 321-335 [fall in JCR 2016 & 2017 with Impact Factor = 0.930].

  • Muhammad Afzal (2011), Microeconometric analysis of private returns to education and determinants of earnings. Pakistan Economic and Social Review, Volume 49, No. 1 (Summer), pp. 39-68.

  • Muhammad Afzal, M. S. Farooq, M. I. Khalid and N. Akhtar (2010), Household characteristics and primary school education: A case of Province Punjab-Pakistan. Journal of Quality and Technology Management, Volume VI, Issue II (December), pp. 17-42.

  • Muhammad Ilyas, Hafiz Khalil Ahmad, Muhammad Afzal and Tahir Mahmood (2010), Determinants of manufacturing value added in Pakistan: An application of Bounds Testing Approach to Cointegration. Pakistan Economic and Social Review, Volume 48, No. 2 (Winter), pp. 209-223.
    http://www.jstor.org/stable/25825362
  • Muhammad Afzal, Muhammad Shahid Farooq, Hafiz Khalil Ahmad, Ishrat Begum and M. Abdul Quddus (2010), Relationship between school education and economic growth in Pakistan: ARDL bounds testing approach to cointegration. Pakistan Economic and Social Review, Volume 48, No. 1 (Summer), pp. 39-60. http://www.jstor.org/stable/41762413
  • Hafiz Khalil Ahmad, Muhammad Ilyas, Tahir Mahmood and Muhammad Afzal (2010), Exploring the effect of total factor productivity growth on future output growth: Evidence from a panel of East Asian countries. Pakistan Economic and Social Review, Volume 48, No. 1 (Summer), pp. 105-122.
    http://www.jstor.org/stable/41762416
  • A. Akhtar, F. Jalil, M. S. Farooq, Muhammad Afzal and M. U. Awan (2010), Effect of leadership and academic culture on implementation of Self Assessment Manual in public sector universities of Pakistan. Journal of Quality and Technology Management, Volume VI, Issue I (June), pp. 135-152.

  • Muhammad Afzal, A. Rauf Butt, Hafeez ur Rehman and Ishrat Begum (2009), A dynamic analysis of the relationship among human development, exports and economic growth in Pakistan. The Pakistan Development Review, Volume 48, No. 4, Part II (Winter), pp. 885-920.
    http://www.jstor.org/stable/41261354
  • Muhammad Afzal, Hafeez ur Rehman and Ishrat Begum (2006), An analysis of the relationship between debt burden and human resource development: A case study of Pakistan. GCU Economic Journal (GC University, Lahore), Volume XXXVIII, No. 1&2, pp. 1-28.
  • Hafeez ur Rehman and Muhammad Afzal (2003), The J curve phenomenon: An evidence from Pakistan. Pakistan Economic and Social Review, Volume XLI, No. 1&2, pp. 45-58. http://jstor.org/stable/25825244
  • Hafeez ur Rehman and Muhammad Afzal (2003), The black market exchange rate and stability of demand for money in Pakistan. Pakistan Economic and Social Review, Volume XLI, No. 1&2, pp. 13-28.
    http://jstor.org/stable/25825242
  • Shaukat Ali Shahid, Hafeez ur Rehman and Muhammad Afzal (2002), Economic options for agricultural production in saline areas of Pakistan. Pakistan Economic and Social Review, Volume XL, No. 2 (Winter), pp. 89-120. http://jstor.org/stable/25821368
  • Muhammad Afzal, Hafeez ur Rehman and A. Rauf Butt (2002), Forecasting: A dilemma of modules (A comparison of theory based and theory free approaches). Pakistan Economic and Social Review, Volume XL, No. 1 (Summer), pp. 1-18. http://jstor.org/stable/25825233
  • Muhammad Afzal (2002), A Comparison of the Forecasting Performance of Regression Models with Univariate Non-Seasonal ARIMA Time Series Models. Published Phil. thesis, Department of Economics, GC University, Lahore.

  • Muhammad Afzal (2013), Private Returns to Education and Determinants of Earnings: An Econometric Analysis. Published D. thesis, Department of Economics, University of the Punjab, Lahore.
Books
  • Afzal, Muhammad. (2014). Forecasting performance: The case of Pakistan’s exports. Germany: LAMBERT Academic Publishing.
  • Afzal, Muhammad. (2014). Private returns to education and determinants of earnings: An econometric analysis. Germany: LAMBERT Academic Publishing.
  • Afzal, Muhammad. Tafheem Moashiat for Intermediate Part I: A helping book for Intermediate level students in Urdu Language.
  • Afzal, Muhammad. Tafheem Moashiat for Intermediate Part II: A helping book for Intermediate level students in Urdu Language.
Book Chapter
  • A chapter on “Public Debt: Effective Political Tool of Economy in Pakistan” by Muhammad Afzal published in Hasnat, S. F., & Faruqui, A. (Eds.). (2008), Pakistan Unresolved Issues of State and Society (First edition). Lahore/Karachi/Islamabad: Vanguard Books Pvt. Ltd.
Working Papers
  • Mian M. Akram and Muhammad Afzal (2014), Dynamic Role of Zakat in Alleviating Poverty: A Case Study of Pakistan. MPRA Paper No. 56013, posted UNSPECIFIED. http://mpra.ub.uni-muenchen.de/56013/
RESEARCH PROJECTS AND PGDAE TERM PAPERS SUPERVISED
  • Supervised more than 500 MBEcon. Research Projects and PGDAE Term Papers of students of University of the Punjab, Lahore.
PROJECTS
  • Worked as a District Supervisor for District T.T.Singh, Punjab (Pakistan) with UNDP on a survey- entitled “Social Audit of Governance and Delivery of Public Services 2009/2010” with the collaboration of DTCE (Devolution Trust & Community Empowerment), and PPAF (Pakistan Poverty Elevation Foundation). The survey was conducted during January 21-30, 2010 consisted of 480 households, DCO, DPO, District Nazim, Tehsil Nazims, UC Nazims, TMOs and many other government/public servants.

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