Exports, financial development and economic growth in Pakistan

Muhammad Qaiser Shahbaz · Mohammad Mafizur Rahman

50 citations0/0 files storedInternational Journal of Development Issues

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Monetary Policy and Economic Impact Global trade and economics Economic Theory and Policy

Abstract

Purpose – This paper aims to explore the relationship between exports, financial development and economic growth in case of Pakistan. Design/methodology/approach – The autoregressive distributed lag bounds testing approach to cointegration and error correction model are applied to test the long-run and short-run relationships, respectively. The direction of causality between the variables is investigated by the vector error correction model Granger causality test and robustness of causality analysis is tested by applying innovative accounting approach. Findings – The analysis confirms cointegration for the long-run relation between exports, economic growth and financial development in case of Pakistan. The results indicate that economic growth and financial development spur exports growth in Pakistan. The causality analysis reveals feedback hypothesis that exists between financial development and economic growth, financial development and exports, and, exports and economic growth. Originality/value – This study provides new insights for policy makers to sustain exports growth by stimulating economic growth and developing financial sector in Pakistan.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 2001Bounds testing approaches to the analysis of level relationships 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 2003The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity 1996Financial Dependence and Growth 1990Statistical Inference in Instrumental Variables Regression with I(1) Processes 2005The saving and investment nexus for China: evidence from cointegration tests 2002The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity

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