Three-Gap Analysis of Structural Adjustment in Pakistan
AbstractAbstract: This study addresses two specific sets of questions. The first main question that has occupied a number of researchers is whether the adjustment programs (advocated by the World Bank and the International Monetary Fund) have had any positive effects to date on macroeconomic performance (i.e. on exports, imports, savings, investment, consumption, and gross domestic product) in Pakistan. The second main question posed here is whether and to what extent external factors aggravated the adjustment process. The purpose of this study has accordingly been to provide systematic quantitative evidence on these fundamental questions, using 1970 to 1993 as the period of observation. We use a three-gap framework to explore the contributions to macroeconomic performance of the adjustment policy reforms and external shocks. The individual and collective effects of adjustment policies and external shocks are measured through a number of simulation experiments. The central finding of the study is that in broad terms, the adjustment programs resulted in a substantial improvement in macroeconomic performance of Pakistan's economy. Furthermore, the adverse effects associated with external shocks appeared to have been severe during the adjustment process.
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Bibliographic InfoPaper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-73593.
Date of creation: 1996
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Publication status: Published
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- Iqbal, Zafar & James, Jeffrey & Pyatt, Graham, 2000. "Three-Gap Analysis of Structural Adjustment in Pakistan," Journal of Policy Modeling, Elsevier, vol. 22(1), pages 117-138, January.
- A. R. Kemal & Rehana Siddiqui & Rizwana Siddiqui, 2001.
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MIMAP Technical Paper Series
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- Zafar Iqbal, 1997. "Foreign Aid and the Public Sector: A Model of Fiscal Behaviour in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 36(2), pages 115-129.
- Rizwana Siddiqui & Zafar Iqbal, 2001. "Tariff Reduction and Functional Income Distribution in Pakistan: A CGE Model," MIMAP Technical Paper Series 2001:10, Pakistan Institute of Development Economics.
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