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Does democracy embolden economic growth in Pakistan? Evidence from ARDL bound testing and rolling window analysis

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  • Arshian Sharif
  • Sahar Afshan
  • Bushra Shahzad Khan

Abstract

This study investigates the relationship between democracy and economic growth in Pakistan by using the annual time series data from the period 1972 to 2013. The ARDL bound testing cointegration approach, Johansen and Juselius cointegration approach and Gregory and Hansen structural break cointegration approach confirm the valid long-run relationship between democracy and economic growth. Results suggested that democracy, labour force and gross fixed capital formation have positive and significant impact on economic growth in both long run and short run. Results of generalised forecast error variance decomposition method under vector autoregressive (VAR) system suggested unidirectional causal relationship between democracy and economic growth in Pakistan. The present study may guide policymakers in formulating conclusive monetary and fiscal policies to increase economic growth in Pakistan and also get sustainable economic growth for long span of time.

Suggested Citation

  • Arshian Sharif & Sahar Afshan & Bushra Shahzad Khan, 2018. "Does democracy embolden economic growth in Pakistan? Evidence from ARDL bound testing and rolling window analysis," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 15(2), pages 180-203.
    • Handle: RePEc:ids:ijecbr:v:15:y:2018:i:2:p:180-203
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    Cited by:

    1. Ahmed Nahar Al-Hussaini, 2019. "The Role of Financial Management in Testing Environmental Kuznets Curve in Kuwait: Evidence from ARDL Bound Testing Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 9(3), pages 353-359.
    2. Muhammad Yusuf & Zakir Sabara & Ismail Suardi Wekke, 2019. "Role of Innovation in Testing Environment Kuznets Curve: A Case of Indonesian Economy," International Journal of Energy Economics and Policy, Econjournals, vol. 9(1), pages 276-281.
    3. Afshan, Sahar & Ozturk, Ilhan & Yaqoob, Tanzeela, 2022. "Facilitating renewable energy transition, ecological innovations and stringent environmental policies to improve ecological sustainability: Evidence from MM-QR method," Renewable Energy, Elsevier, vol. 196(C), pages 151-160.

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