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Title: Executive Clemency in South Asia: Scope and Limits of Pardoning Power in SAARC Nations

Abstract: Within the nations of the South Asian Association for Regional Cooperation (SAARC), the Constitutional power of pardon, which has historically been defended as a tool of mercy and remedial justice, has become a site of administrative excess and constitutional tension. Despite being universally vested in the head of state, the region's use of this power often deviates from its humanitarian justification and serves as a politically useful instrument that erodes public trust in criminal justice systems, judicial finality, and equality before the law. The legislative framework enabling executive clemency in SAARC member states-India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, Maldives, and Afghanistan is examined critically and comparably in this paper. Through a doctrinal analysis of recent and significant case laws such as A.G. Perarivalan v. State of Tamil Nadu, 2022, Bal Krishna Dhungel (Nepal), 2018 and contentious presidential pardons in Sri Lanka and Bangladesh, the study reveals recurring patterns of partisan misuse of mercy powers, arbitrariness, and opacity in jurisdictions lacking significant judicial or statutory constraints. The paper argues that constitutional democracies dedicated to upholding the rule of law, the current deference to executive discretion is normatively untenable. It contends that limited but principled judicial review, combined with procedural protections such as reason-giving, victim engagement, and independent clemency advisory procedures, is required to keep clemency from devolving into an instrument of impunity. The study concludes by suggesting a reform-oriented constitutional framework and regionally harmonized norms for recalibrating executive mercy within the parameters of legality, accountability, and democratic legitimacy.

By Faraha, Sadaf Ansari
In Volume: 14,Issue: 2
Title: Military Presence of United States in Korean Peninsula Conflict and Intensification of Nuclear Development Programme by North Korea

Abstract: In the last decades, the Korean Peninsula has remained a region of constant political conflict and worrisome instability. In recent times, the tension between North and South Koreas has gathered momentum following North Korea’s nuclear development programmes and subsequent display of military prowess by both Koreas in a fashion that is characteristic of arms race of the Cold War era. The United States has wielded into the situation in the Peninsula to the effect of ending the catastrophic nuclearization. This has ballooned the historical conflict between the United States and North Korea. The paper examines Military Presence of United States in Korean Peninsula Conflict and Intensification of Nuclear Development Programme by North Korea, in order to ascertain if the continuous military presence of United States in the Korean Peninsula as sustained by Biden’s Presidency contributes to the intensification of catastrophic nuclear weapons development programme by North Korea. The study adopted the ’Realist Theory’ as its anchor blue-print in a pragmatic effort to explain why the engagement between the two states remain largely hostile. The study adopted content analysis for the purpose of analyzing documented materials generated through secondary sources of data collection as well as the qualitative method of data analysis. The findings show the serial and catastrophic worsening of United States and North Korea conflict with the unabated military presence of United States in Korean Peninsula and how it has intensified nuclear development programme by North Korea. Recommendations were proffered along these findings as follows, the need for reduction in the high military presence of the US in Korean Peninsula which the government of North Korea perceived as a threat to the national security of North Korea. The facts shows that North Korea will continue to feel threatened so long as the US heavy military remain in the Korean Peninsula.

By Fortunetus Izuchukwu Oguwuike
In Volume: 14,Issue: 2
Title: Impact of Global Economic Uncertainty on the Financial Performance of the National Stock Exchange (NSE): A Study from 2021–2025

Abstract: The National Stock Exchange (NSE) of India plays a crucial role in trading stocks, derivatives, and debt instruments. Between 2021 and 2025, global economic uncertainty, driven by pandemic effects, fluctuating interest rates, geopolitical conflicts, and shifts in capital movements, significantly impacted financial markets, including the NSE. This research investigates how challenges like post-pandemic recovery, changes in foreign investment, and tightening monetary policies affected the NSE’s income and trading activity. By analysing secondary data from financial statements and economic reports, the study evaluates trends in revenue, net profits, and trading volumes. Increased global uncertainty led to market volatility and corrections in equity indices. Despite these challenges, the NSE's robust domestic investor base and diversified revenue helped mitigate adverse effects. The findings highlight the importance of adaptive risk management and regulatory consistency in maintaining financial performance during global instability.

By Arvind Kumar Yadav, Shamshad Khan
In Volume: 14,Issue: 2
Title: Liquidity Crisis in the Banking Sector: Actions, Implementation, and Solutions: Bangladesh Perspective

Abstract: This research report provides an in-depth analysis of the persistent liquidity crisis within Bangladesh's banking sector. Characterized by a severe shortage of available cash to meet obligations, the crisis threatens financial stability and long-term economic growth. The study identifies the multifaceted causes of the crisis, which are predominantly rooted in systemic governance failures rather than external shocks. Key factors include alarming levels of Non-Performing Loans (NPLs) driven by poor credit governance and willful defaults, a declining trend in deposit growth, significant capital flight, and foreign currency mismanagement. The report assesses the profound impacts of this crisis, including constrained credit flow to productive sectors, erosion of public trust, and heightened systemic risk. It evaluates recent regulatory interventions by Bangladesh Bank, such as the unification of weak banks and the introduction of the Bank Resolution Ordinance 2025. Through analytical review, the report concludes that while these are positive steps, their long-term efficacy depends on rigorous implementation. The study recommends a holistic strategy encompassing stringent governance reforms, aggressive NPL resolution through asset reconstruction companies, monetary and fiscal policy coordination, technological integration for transparency, and confidence-building measures to attract deposits. The findings underscore that a sustainable solution requires unwavering political will to address deep-seated institutional corruption and mismanagement.

By Selina Akhter
In Volume: 14,Issue: 2
Title: Components of the Money Supply Process in Bangladesh: An Analysis

Abstract: This study provides a comprehensive assessment of the components and effectiveness of the money supply process in Bangladesh, with a particular focus on its underlying determinants, trends, and policy implications. The primary objective is to evaluate whether the existing money supply mechanism, as implemented by the Bangladesh Bank, is effective in meeting the country’s macroeconomic objectives of price stability, economic growth, and financial stability. The research adopts a mixed-method approach, integrating both descriptive and econometric analyses. Descriptive statistics and trend analysis are used to examine the historical patterns of monetary aggregates namely the monetary base (H), money multiplier (m), narrow money (M1), and broad money (M2) over the past two decades. The results reveal that the money supply process in Bangladesh exhibits both short-run volatility and long-run stability, with the monetary base and money multiplier jointly influencing the expansion of M2. Co-integration tests confirm the existence of long-term equilibrium relationships among monetary aggregates, while ECM results suggest a moderate speed of adjustment toward equilibrium following shocks. However, structural break analysis indicates that global financial crises, domestic policy shifts, and recent pandemic-related disruptions have caused significant short-term deviations. The findings highlight that although the Bangladesh Bank’s monetary policy framework has been largely effective in steering the long-run trajectory of the money supply, challenges remain in managing short-run fluctuations and in aligning monetary expansion with real economic growth. The study concludes with policy recommendations aimed at enhancing the effectiveness of the money supply process, including improving forecasting models, strengthening monetary transmission mechanisms, and enhancing coordination between monetary and fiscal policy.

By Sabiha Akter
In Volume: 14,Issue: 2
Title: Threads of Sustainability: A Comparative Analysis of Jamdani (Tangail) and Khadi (Cumilla) as Catalysts for Pollution-Free Community Development in Bangladesh

Abstract: Bangladesh's rich textile heritage offers powerful, yet distinct, models for sustainable development. This study conducts a comparative analysis of two premier handloom sectors: the intricate Jamdani weaving of Tangail and the symbolic Khadi fabric of Cumilla. Framed within green economy principles, the research examines their socio-economic viability, environmental footprint, and potential as engines for pollution-free community development. Employing a mixed-methods approach (July-December 2025), the analysis incorporates surveys, environmental impact assessment, and case studies of both a "GI Gold" Jamdani export initiative and a revived Khadi business plan. Key comparative findings reveal: (1) Both sectors possess underutilized Geographical Indication (GI) status, but face different market challenges—Jamdani contends with high-skill imitation, while Khadi battles generic, low-cost substitutes; (2) their production paradigms, though both low-pollution, differ fundamentally, with Jamdani emphasizing artistic virtuosity and Khadi embodying philosophical self-reliance; and (3) their developmental contexts vary, with Tangail's model being craft-cluster centric and Cumilla's requiring synergistic infrastructure (e.g., airport revival) for growth. The study concludes that while both heritage textiles are potent vehicles for sustainable development, tailored, integrated strategies—recognizing their unique cultural, economic, and infrastructural ecosystems—are essential to unlock their full potential for artisan well-being, cultural preservation, and green economic growth in their respective regions.

By Muhammad Mahboob Ali, Nazmin Akter
In Volume: 14,Issue: 2