Do Structural Transformation And Trade Liberalisation Cause Economic Growth In Pakistan?
AbstractDeveloping countries inherited weak and underdeveloped economies from colonial rulers. During the three decades (1950s, 1960s, 1970s) developing countries experimented with diverse development theories. During 1980s these countries faced current account and fiscal deficits problems. World Bank and IMF are playing a leading and dominant role to influence macroeconomic policies of the developing countries. We used four measures (two for liberalization and two for structural transformation) to empirically investigate the aforesaid policies in the context of Pakistan’s economy Empirical results show that except industry other variables (agriculture, openness, and financial integration) are not cointegrated. Openness Granger-causes economic growth that implies, on one hand, increasing international dependence of Pakistan’s economy particularly imports and on the other hand, partially supports the neoclassical view. There is long-run relationship between economic growth and structural transformation Use of traditional measures of openness and structural transformation suggests that the results are interpreted with care... Trade liberalisation is not necessarily a universal remedy.
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Bibliographic InfoArticle provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.
Volume (Year): 12 (2012)
Issue (Month): 1 ()
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- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
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