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Listed author(s):
  • Mark McGillivray
  • Howard White
  • Afzal Ahmad*


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.

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Article provided by Applied Economics Research Centre in its journal Pakistan Journal of Applied Economics.

Volume (Year): 11 (1995)
Issue (Month): ()
Pages: 57-76

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Handle: RePEc:pje:journl:article1995viii
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