Effects of Terms of Trade on Economic Growth of Pakistan

Author:

Jebran Khalil1,Iqbal Amjad2,Rao Zia Ur Rehman3,Ali Arshad4

Affiliation:

1. PhD Scholar, School of Accounting, Dongbei University of Finance and Economics, China

2. Assistant Professor, Center for Management and Commerce, University of Swat, Pakistan

3. Assistant Professor, Institute of Business and Management, University of Engineering and Technology, Pakistan

4. Associate Professor, Department of Management studies, University of Malakand, Pakistan

Abstract

This paper analyzes the effect of terms of trade on economic growth of Pakistan considering annual time series data from 1980 to 2013. This study opted autoregressive distributed lag model for purpose of analyzing short- and long-run relationship. The results reveal significant negative long-run and short-run effects of terms of trade on economic growth. The analyses also indicate significant positive long-run and short-run effects of labour on economic growth. Further, capital stock is influencing positively the economic growth in long run only. We suggest that economic policies may be implemented to deteriorate terms of trade which will further enhance the economic growth of Pakistan. JEL: F13, F43

Publisher

SAGE Publications

Subject

Marketing,General Economics, Econometrics and Finance,Business and International Management

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