Import Demand, Economic Development and Trade Liberalization in Pakistan: An Empirical Analysis
Muhammad Wasif Siddiqi,
Amjad Ali () and
Muhammad Chani ()
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Muhammad Wasif Siddiqi: Visiting Professor, GCU, Lahore, Pakistan
Bulletin of Business and Economics (BBE), 2014, vol. 3, issue 2, 131-141
This study empirically investigates the effects of trade liberalization and economic development on income and price elasticities of import demand in Pakistan. The data used for empirical analysis covers the period of 1972 to 2009. Johanson co-integration test is used to confirm the equilibrium relationship among the variables included in the study. The short run dynamics are estimated through Vector Error Correction Mechanism. The results indicate that trade liberalization in Pakistan positively influences income elasticity of import demand. Similarly, price elasticity of import demand in Pakistan is positively related to level of economic development in the country.
Keywords: import demand; trade liberalization; economic development; price; Pakistan (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:rfh:bbejor:v:3:y:2014:i:2:p:131-141
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