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An Empirical "Dependent Economy" Model for Pakistan

32 Pages Posted: 15 Feb 2006  

Nadeem Ul Haque

Pakistan Institute of Development Economics

Aasim Husain

International Monetary Fund (IMF) - Research Department

Peter J. Montiel

Williams College - Department of Economics

Date Written: October 1991

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.

JEL Classification: C51, E62, E35, O11

Suggested Citation

Ul Haque, Nadeem and Husain, Aasim and Montiel, Peter J., An Empirical "Dependent Economy" Model for Pakistan (October 1991). IMF Working Paper, Vol. , pp. 1-32, 1991. Available at SSRN: https://ssrn.com/abstract=885102

Nadeem Ul Haque (Contact Author)

Pakistan Institute of Development Economics ( email )

Quaid-i-Azam University Campus, P.O. Box. 1091
Islamabad, Capital 44000
Pakistan
+92-51-9217879 (Phone)
+92-51-9210886 (Fax)

HOME PAGE: http://www.saneinetwork.net/structure/st_comm/NadeemUlHaque.asp

Aasim Husain

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Peter J. Montiel

Williams College - Department of Economics ( email )

Fernald House
Office: Fernald 14
Williamstown, MA 01267
United States
413-597-2103 (Phone)
413-597-4045 (Fax)

HOME PAGE: http://www.williams.edu/Economics/faculty/montiel.htm

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