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EVALUATING THE EFFECTIVENESS OF STRUCTURAL ADJUSTMENT POLICIES ON MACROECONOMIC PERFORMANCE: A Review of tho Evidence with Special Reference to Pakistan

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  • Mark McGillivray
  • Howard White
  • Afzal Ahmad*

    ()

Abstract

This paper looks at the impact of structural adjustment on the macroeconomic performance of Pakistan. After a brief description of the broad characteristics of the various policies implemented under Pakistan's 19805 adjustment programme, it provides a methodological review of pre-existing studies of the effects of adjustment on macroeconomic performance in Pakistan. A number of methodological shortcomings of the methods used are identified, including the problem of controlling for non-adjustment factors. An alternative analysis is then proposed, which involves simulating an error correction model using time series data for inflation and investment. Model simulations based on a number of alternative scenarios suggest that adjustment has had a negligible indirect effect, if any, on investment. Inflation would on average have been higher in the absence of adjustment, though this difference has diminished in recent years.

Suggested Citation

  • Mark McGillivray & Howard White & Afzal Ahmad*, 1995. "EVALUATING THE EFFECTIVENESS OF STRUCTURAL ADJUSTMENT POLICIES ON MACROECONOMIC PERFORMANCE: A Review of tho Evidence with Special Reference to Pakistan," Pakistan Journal of Applied Economics, Applied Economics Research Centre, vol. 11, pages 57-76.
  • Handle: RePEc:pje:journl:article1995viii
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