A Macroeconomic Model of the Bangladesh Economy and Its Policy Implications

Neal C. Maroney · Syed Abul Basher · Ihsan Isik

16 citations0/0 files storedThe Journal of developing areas

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Monetary Policy and Economic Impact Economic Theory and Policy Fiscal Policy and Economic Growth

Abstract

This paper develops a macroeconometric model for the Bangladesh economy using nine key macroeconomic variables employing annual data from 1974 to 2000. The methodology employed in this paper uses unit root and Johansen's cointegration tests followed by vector error correction model and variance decomposition to examine the dynamic relationships among macroeconomic variables. Our results show that within the context of Bangladesh, monetary policy is more important than fiscal policy. As significant amount of development expenditure for Bangladesh comes from foreign donation, it is also argued that this aid must be channeled to productive activities so that it contributes to economic growth. The domestic export base has also to be widened and diversified.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1988Statistical analysis of cointegration vectors 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1991Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models 1996Numerical distribution functions for unit root and cointegration tests 1992A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics1 1988Causality, cointegration, and control 2001Explaining Cointegration Analysis: Part II

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2011The Effects of Monetary Policy Shocks in Bangladesh: A Bayesian Structural VAR Approach 2007India–Bangladesh Trade Deficit and Misaligned Bilateral Exchange Rate: Can Bangladesh Draw Lessons from Indonesia?

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