Lahore Journal of Economics Aims and Scope Editorial Board Notes for Authors Submission Guidelines Ethics Statement Full Text Articles	THE LAHORE JOURNAL OF ECONOMICS Managing Editors Dr. Azam Chaudhry, Lahore School of Economics Dr. Theresa Thompson Chaudhry, Lahore School of Economics Matthew McCartney, Charter Cities Institute Editors Ryan Brasher, Simpson University Phillip Garner, Dixie State University Momoe Makino, Institute of Developing Economies Rajah Rasiah, Universiti Malaya Jamshed Y. Uppal, Catholic University of America Production Manager Ms. Ayesha Khanum, Lahore School of Economics Editorial Advisory Board Ranil Abayasekara      University of Peradeniya Ahmed M. Khalid      Universiti Brunei Darussalam Baoyun Qiao      Shanghai University Sirimal Abeyratne      University of Colombo Amir Jahan Khan      Institute of Business Administration Simon Quinn      University of Oxford Julio Aguirre      Universidad del Pacífico Saleem Khan      Bloomsburg University Atonu Rabbani      University of Dhaka Rashid Amjad      Lahore School of Economics Shahrukh Rafi Khan      Mount Holyoke College Dhushyanth Raju      World Bank Mathew Andrews      Harvard University Amit Khandelwal      Columbia University Syed Kumail Abbas Rizvi      Lahore University of Management Sciences Mohammad Arzaghi      American University of Sharjah Rocco Macchiavello      London School of Economics   Anwar Shah      Southwestern University of  Finance and  Economics, China David Atkin      MIT Minhaj Mahmud      BRAC University Sohaib Shahid      International Monetary Fund Shahid Amjad Chaudhry      Lahore School of Economics Adeel Malik      University of Oxford  Chad Syverson      University of Chicago Matthias Cinyabuguma      World Bank Inayat Ullah Mangla      Western Michigan University Gwendolyn A. Tedeschi      Manhattan College Sean Corcoran      New York University Ghazala Mansuri      World Bank Kensuke Teshima      Institute of Economic Research (IER), Hitotsubashi University Giovanna d'Adda      Politecnico di Milano, University of Birmingham Nawazish Mirza      Excelia Université  Eric Verhoogen      Columbia University Javier Arze del Granado      World Bank Ahmed Mushfiq Mobarak      Yale University Kate Vyborny      Duke University Ramani Gunatilaka      University of Colombo John Morrow      Kings College, London Ahmed Kamaly      Jönköping International Business School Aamir Rafique Hashmi      National University of Singapore Kamal Munir      University of Cambridge Christopher Woodruff      University of Oxford S. Ajaz Hussain      University of Toronto Khalid Nadvi      University of Manchester Bushra Yasmin      Fatima Jinnah Women University Kazi Iqbal      Bangladesh Institute of Development Studies Zareen Naqvi      Simon Fraser University Sohail Zafar      Lahore School of Economics Sanjay Jain      University of Cambridge Ashish Narain      World Bank   Michal Jerzmanowski      Clemson University Roshan Perera      Advocata Institute         Editorial Staff : Tele. No: 0092 - 42 - 36560969 Telefax : 0092 - 42 - 36560905 E-mail: lje@lahoreschool.edu.pk Publisher : Lahore School of Economics, Lahore, Pakistan.   Correspondence relating to subscriptions and changes of address should be sent to The Lahore Journal of Economics, Intersection Main Boulevard Phase VI DHA and Burki Road, Burki 53200. Lahore, Pakistan.    No responsibility for the views expressed by authors and reviewers in The Lahore Journal of Economics is assumed by the Editors, the Editorial Board and the Publisher.    Copyright by: Lahore School of Economics

                                                                                                                                                                                                                                      © Lahore School of Economics 2023