The Role of Policy Reforms and the Regulatory Policy Environment in Explaining the Behaviour of Public Investment in Pakistan

Moazam Mahmood and Rabia Ikram
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Moazam Mahmood: Lahore School of Economics
Rabia Ikram: Lahore School of Economics

Chapter Chapter 8 in Explaining Pakistan’s Long-Run Growth, 2025, pp 179-226 from Springer

Abstract: Abstract Essays 5 and 6 are Maynard redux, applying an adapted Keynesian mum equation to explain the trajectory of long-run gross domestic product (GDP) growth for Pakistan. Pre-1992, high GDP growth of 6 per cent per annum on the left-hand side of the equation is explained by the determinants on the right-hand side—of high investment growth paired with low consumption growth. This high growth of aggregate investment pre-1992 is in turn explained (by a derivative set of equations) by the high growth of public investment, paired with fairly constant growth in private investment. Post-1992, low GDP growth of 4 per cent per annum, on the left-hand side of the equation, is explained by the determinants on the right-hand side of the equation, of low investment growth, paired with high consumption growth. This low growth of aggregate investment post-1992 is then shown to be due to the low growth of public investment, still paired with constant growth in private investment.

Date: 2025
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DOI: 10.1007/978-3-031-86677-7_8

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