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Financial Development and Economic Growth in Pakistan: Evidence Based on Autoregressive Distributed Lag (ARDL) Approach
Abstract
In this study, the relationship between financial development and economic growth is examined in an Autoregressive Distributed Lag (ARDL) framework, for Pakistan, utilizing annual data over the period 1961–2005. The main empirical findings suggest that in the long and short run, financial development and investment exerted a positive impact on economic growth. The findings also suggest that in the long–run, real deposit rate is positively related to economic growth but exerted an insignificant impact; however, in the short–run, the relationship between real deposit rate and real output is significant. The long– and short–run responses of the real interest rate are very low as compared to financial development variable, implying that the availability of funds is more important than their cost. To achieve sustainable eco–nomic growth, the study suggests a further acceleration of liberalization process in Pakistan with confidence and strong commitment.
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FDI inflows help increase growth in host countries, especially developing nations, by decreasing unemployment, obtaining advanced technology, shrinking the saving-investment gap, boosting production, and increasing market competition.
“FDI inflows help to increase the growth level in the host country especially if the country is a developing nation then FDI inflows help to decrease unemployment, obtain advanced technology, shrink the gap between saving and investment, boost production, and market competition (Khan, 2008).”
From Bearing the Brunt: The Effect of Terrorism on the Foreign Direct Investment in South Asian Association for Regional Cooperation (SAARC) Nations (2022) · cites this paper as Khan, 2008
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Adu, G., Marbuah, G., & Mensah, J. T. (2013) · Review of Development Finance · doi:10.1016/j.rdf.2013.11.001 · Cited by 340
University of Wah., & Mansoor, A. (2022) · University of Wah Journal of Social Sciences · doi:10.56220/uwjss2022/0501/10 · Cited by 1
Metadata
- Authors
- Khan, M. A.
- Corresponding author
- Khan, Muhammad Arshad
- Venue
- South Asia Economic Journal
- Publisher
- SAGE Publications
- Published
- 2008-09
- Volume
- 9
- Issue
- 2
- Pages
- 375-391
- ISSN
- 0973-077X (ISSN-L)
- 1391-5614
- OpenAlex
- W2098241058
- Cited by
- 44
- References
- 0
- Citations by year
- 2026: 1 · 2025: 4 · 2023: 1 · 2021: 1 · 2020: 8 · 2019: 4 · 2018: 2 · 2017: 3 · 2016: 3 · 2015: 2 · 2014: 5 · 2013: 2 · 2012: 1
- FWCI
- 4.97
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- South Asia Economic Journal (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Development
- Keywords
- financial development, economic growth, investment, real interest rates, financial liberalization, Pakistan
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