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Economic Growth and Its Determinants in Pakistan

Muhammad Shahbaz (), Khalil Ahmad and A. R. Chaudhary
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A. R. Chaudhary: National College of Business Administration and Economics, Lahore, Pakistan.

The Pakistan Development Review, 2008, vol. 47, issue 4, 471-486

Abstract: This paper aims to investigate the impact of macroeconomic variables on economic growth after Structural Adjustment Programme (SAP) in Pakistan. In doing so, study utilises the quarterly time series data from 1991Q1 to 2007Q4. Advanced Autoregressive Distributed Lag Model (ARDL) approach has been employed for cointegration and error correction model (ECM) for short-run results in the case of Pakistan. Empirical investigations indicate that credit to private sector (financial development), foreign direct investment and inflow of remittances correlate positively with economic growth in the long run. High inflation rate and trade-openness slow down the speed of growth rate in short as well as long run.

Keywords: Growth; ARDL Cointegration (search for similar items in EconPapers)
JEL-codes: O1 C22 (search for similar items in EconPapers)
Date: 2008
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Handle: RePEc:pid:journl:v:47:y:2008:i:4:p:471-486