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An Empirical "Dependent Economy" Model for Pakistan


  • International Monetary Fund


While the “dependent economy” approach has been used extensively in theoretical work on developing countries, there is very little empirical analysis of it available in the literature. This paper specifies a dependent economy model which incorporates several developing-country features, including an explicit role for public investment and legal interest rate ceilings. The model is estimated for Pakistan and is used to analyze the country’s recent high growth-low inflation experience. In particular, the contribution that external inflows, in the form of workers’ remittances and concessional lending, may have made in generating this outcome is assessed.

Suggested Citation

  • International Monetary Fund, 1991. "An Empirical "Dependent Economy" Model for Pakistan," IMF Working Papers 91/102, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:91/102

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    References listed on IDEAS

    1. Pomerleano, Michael, 1998. "The East Asia crisis and corporate finances : the untold micro story," Policy Research Working Paper Series 1990, The World Bank.
    2. Steinfeld,Edward S., 1998. "Forging Reform in China," Cambridge Books, Cambridge University Press, number 9780521633352, March.
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    Cited by:

    1. Adnan Haider Bukhari & Safdar Ullah Khan, 2008. "A Small Open Economy DSGE Model for Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 47(4), pages 963-1008.
    2. Aasim M. Husain, 1996. "Private Saving and Its Determinants: The Case of Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 35(1), pages 49-70.
    3. Sajawal Khan & Muhammad Arshad Khan, 2007. "What Determines Private Investment? The Case of Pakistan," Finance Working Papers 22202, East Asian Bureau of Economic Research.
    4. Campos, Nauro F & Khan, Feisal U & Tessendorf, Jennifer E, 2004. "From substitution to complementarity: some econometric evidence on the evolving NGO-State relationship in Pakistan," Journal of Developing Areas, Tennessee State University, College of Business, vol. 37(2), pages 49-72, January-M.
    5. K Clark & S Drinkwater, 2001. "An Investigation of Household Remittance Behaviour," The School of Economics Discussion Paper Series 0114, Economics, The University of Manchester.
    6. Aasim M. Husain, 1995. "Long-run Determinants of Private Saving Behaviour in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 34(4), pages 1057-1066.
    7. Giorgioni, Gianluigi & Holden, Ken, 2002. "The crisis of the CFA Franc zone: the case of Cote d'Ivoire," Economic Modelling, Elsevier, vol. 19(4), pages 531-564, August.


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