For Amin Bhatti (submitting 2nd time)
AOA
Though I'm not fully aware of the literature, my comments are as follows:
1-Some feel of the concept/theory behind M-L condition (with proper references) should be given in the introduction.
2-Your objective must be clearly defined. Is it to focus on the issue of aggregation only? If yes, how you're going to resolve it. I'm afraid you won't be able to find quarterly data for your selected countries even from the SAARC commission of Pakistan. OR you'll construct this data? if yes, it should be clearly mentioned in the methodology section.
3-There must be coherence in your review of literature. Further, some recent studies like Auboin (2011)"http://www.wto.org/english/res_e/reser_e/ersd201117_e.pdf";Ozturk (2009)"http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8268.2009.00220.x/pdf"; Ozturk (2006) "http://www.usc.es/~economet/reviews/ijaeqs315.pdf" are missing.
4-In your model suddenly you talk about BRM condition. You must show the link between BRM and ML conditions and which one is important for your analysis. Further, the variables used in the model are not clearly defined__index i also needs to be explained.
5- Better if you include a bit of discussion about ADF (why you preferred it in the presence of PP and Im-Pesaran-Shin tests which might be relatively better, especially in case of near unit roots) and Johansen Method (why you preferred it? why not ARDL etc).
6-You may mention some expected policy implications of your analysis.
7-Finally, your references are not written in one style. Select a suitable style (e.g. APA, Harvard etc) and be sticky to it.
Wish you good luck...
Arshad Ali Bhatti