State-Diaspora Relations: A Capital Markets Perspective through the Naya Pakistan Certificate (NPC)

CASS Working Papers on Economics & National Affairs

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See all articles by Usman W. Chohan

Usman W. Chohan

UNSW Business School; Critical Blockchain Research Initiative (CBRI); International Association of Hyperpolyglots (HYPIA); Centre for Aerospace & Security Studies (CASS)

Date Written: January 3, 2021

Abstract

The aim of this paper is to contextualize the economic importance of the Pakistani diaspora through the lens of the newly promised Naya Pakistan Certificates (NPCs), which are high-yield fixed-income investments targeted at overseas Pakistanis as a means of spurring domestic development through the proactive participation of the diaspora. The paper highlights key limitations in the approach behind NPCs, arguing that such high and discriminatory rates in a global low-interest rate environment with fewer opportunities for quick domestic deployment of capital indicates that the diaspora is indeed being “fetishized” as a driver of development. This helps inform state-diaspora
relations through a capital markets perspective.

Keywords: investment, FDI, community, fixed-income, development, Pakistan

Suggested Citation

Chohan, Usman W., State-Diaspora Relations: A Capital Markets Perspective through the Naya Pakistan Certificate (NPC) (January 3, 2021). CASS Working Papers on Economics & National Affairs, Available at SSRN: https://ssrn.com/abstract=

Usman W. Chohan (Contact Author)

UNSW Business School ( email )

UNSW Business School
High St
Sydney, NSW 2052
Australia

Critical Blockchain Research Initiative (CBRI) ( email )

International Association of Hyperpolyglots (HYPIA) ( email )

HYPIA
www.polyglotassociation.org
Montreal, Quebec
Canada

Centre for Aerospace & Security Studies (CASS) ( email )

Islamabad
Pakistan

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