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Toward a Heterodox Approach: Reconciling Stabilization and Economic Growth in Pakistan

  • Irfan ul Haque

    ()

    (Special Advisor, Financing for Development, South Centre, Geneva.)

  • Sahar Amjad

    ()

    (Lahore School of Economics, Pakistan.)

Registered author(s):

    This article attempts to show that a strategy for accelerated growth for Pakistan is both necessary and feasible. Pakistan’s macroeconomic conditions are broadly similar to some of its more rapidly growing neighbors. The country’s macroeconomic imbalances and inflation need to be brought down, but the required adjustment does not entail precipitate action, which could further depress the economy. We develop a “Heterodox Scenario,” which shows that macroeconomic adjustments can be phased in over the next few years and will be easier to make if the economy were to grow more rapidly. For accelerated growth to materialize, as a minimum, determined steps are needed to overcome the energy crisis, sharply raise the investment rate—particularly, private investment—and strengthen Pakistan’s competitiveness in the world market. A national strategy is needed toward that end.

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    File URL: http://121.52.153.179/JOURNAL/LJE_Vol_17-SE_PDF/01%20Dr.%20Irfan%20Ul%20Haque%20Towards%20a%20Heterodox%20ED%20ttc%20AAC01102012.pdf
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    Article provided by Department of Economics, The Lahore School of Economics in its journal Lahore Journal of Economics.

    Volume (Year): 17 (2012)
    Issue (Month): Special Edition (September)
    Pages: 1-32

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    Handle: RePEc:lje:journl:v:17:y:2012:i:sp:p:1-32
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    Web page: http://www.lahoreschoolofeconomics.edu.pk/EconomicsJournal/LJEIntro.aspx

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    1. J. J. Polak, 1997. "The IMF Monetary Model At Forty," IMF Working Papers 97/49, International Monetary Fund.
    2. Raphael A. Espinoza & Ananthakrishnan Prasad & H. L. Leon, 2010. "Estimating the Inflation-Growth Nexus; A Smooth Transition Model," IMF Working Papers 10/76, International Monetary Fund.
    3. Rashid Amjad Chaudhry & Musleh ud Din & Abdul Qayyum, 2011. "Pakistan: Breaking Out of Stagflation into Sustained Growth," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 16(Special E), pages 13-30, September.
    4. Dornbusch, Rudiger & Fischer, Stanley, 1993. "Moderate Inflation," World Bank Economic Review, World Bank Group, vol. 7(1), pages 1-44, January.
    5. Robert S. Pindyck & Andrés Solimano, 1993. "Economic Instability and Aggregate Investment," NBER Chapters, in: NBER Macroeconomics Annual 1993, Volume 8, pages 259-318 National Bureau of Economic Research, Inc.
    6. Fischer, Stanley, 1993. "The role of macroeconomic factors in growth," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 485-512, December.
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