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An Empirical "Dependent Economy" Model for PakistanNadeem Ul HaquePakistan Institute of Development Economics Aasim HusainInternational Monetary Fund (IMF) - Research Department Peter J. MontielWilliams College - Department of Economics October 1991 IMF Working Paper No. 91/102 Abstract: While the "dependent economy" approach has been used extensively in theoretical work on developing countries, there is very little empirical analysis of it available in the literature. This paper specifies a dependent economy model which incorporates several developing-country features, including an explicit role for public investment and legal interest rate ceilings. The model is estimated for Pakistan and is used to analyze the country`s recent high growth-low inflation experience. In particular, the contribution that external inflows, in the form of workers` remittances and concessional lending, may have made in generating this outcome is assessed.
Number of Pages in PDF File: 32 JEL Classification: C51, E62, E35, O11 working papers seriesDate posted: February 15, 2006Suggested CitationContact Information
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