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Economic Growth and Its Determinants in Pakistan

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Author Info

  • Muhammad Shahbaz

    (National College of Business Administration and Economics, Lahore, Pakistan.)

  • Khalil Ahmad

    (National College of Business Administration and Economics, Lahore, Pakistan.)

  • A. R. Chaudhary

    (National College of Business Administration and Economics, Lahore, Pakistan.)

Abstract

This paper aims to investigate the impact of macroeconomic variables on economic growth after Structural Adjustment Programme (SAP) in Pakistan. In doing so, study utilises the quarterly time series data from 1991Q1 to 2007Q4. Advanced Autoregressive Distributed Lag Model (ARDL) approach has been employed for cointegration and error correction model (ECM) for short-run results in the case of Pakistan. Empirical investigations indicate that credit to private sector (financial development), foreign direct investment and inflow of remittances correlate positively with economic growth in the long run. High inflation rate and trade-openness slow down the speed of growth rate in short as well as long run.

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Bibliographic Info

Article provided by Pakistan Institute of Development Economics in its journal The Pakistan Development Review.

Volume (Year): 47 (2008)
Issue (Month): 4 ()
Pages: 471-486

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Handle: RePEc:pid:journl:v:47:y:2008:i:4:p:471-486

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Related research

Keywords: Growth; ARDL Cointegration;

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Cited by:
  1. Muhammad Shahbaz & Qazi Muhammad Adnan Hye & Muhammad Shahbaz Shabbir, 2013. "Does Corruption Increase Financial Development? A Time Series Analysis in Pakistan," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), The Economics and Social Development Organization (TESDO), vol. 1(10), pages 113-124, October.
  2. Shahbaz, Muhammad & Rehman, Ijaz ur & Ahmed Taneem, Muzaffar, 2014. "Re-Visiting Financial Development and Economic Growth Nexus: The Role of Capitalization in Bangladesh," MPRA Paper 57500, University Library of Munich, Germany, revised 22 Jul 2014.
  3. Aviral Kumar Tiwari & Mihai Mutascu, 2011. "Economic Growth and FDI in Asia: A Panel-Data Approach," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(2), pages 173-187, September.
  4. Muhammad, Shahbaz & Tiwari, Aviral & Reza, Sherafatian-Jahromi, 2012. "Financial Development and Income Inequality: Is there any Financial Kuznets curve in Iran?," MPRA Paper 40899, University Library of Munich, Germany, revised 26 Aug 2012.
  5. Mohammad Mafizur Rahman & Muhammad Shahbaz, 2013. "Do Imports and Foreign Capital Inflows Lead Economic Growth? Cointegration and Causality Analysis in Pakistan," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 14(1), pages 59-81, March.
  6. Shahbaz, Muhammad & Islam, Faridul, 2011. "Financial development and income inequality in Pakistan: An application of ARDL approach," MPRA Paper 28222, University Library of Munich, Germany.
  7. Tiwari, Aviral Kumar & Shahbaz, Muhammad, 2010. "Does financial development increase rural-urban income inequality? Cointegration analysis in the case of Indian economy," MPRA Paper 27093, University Library of Munich, Germany.
  8. Tang, Chor Foon & Shahbaz, Muhammad, 2011. "Revisiting the Electricity Consumption-Growth Nexus for Portugal: Evidence from a Multivariate Framework Analysis," MPRA Paper 28393, University Library of Munich, Germany.
  9. Raza, Syed Ali & Sabir, Muhammad Sarwar & Mehboob, Farhan, 2011. "Capital inflows and economic growth in Pakistan," MPRA Paper 36790, University Library of Munich, Germany.
  10. Muhammad Shahbaz & Talat Afza & Muhammad Shahbaz Shabbir, 2013. "Financial Development, Domestic Savings and Poverty Reduction in Pakistan: Using Cointegration and Granger Causality Analysis," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), The Economics and Social Development Organization (TESDO), vol. 1(5), pages 59-73, May.
  11. Muhammad, Shahbaz, 2011. "Electricity Consumption, Financial Development and Economic Growth Nexus: A Revisit Study of Their Causality in Pakistan," MPRA Paper 35588, University Library of Munich, Germany, revised 27 Dec 2011.

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