A Temporal Analysis of Economic Growth and Its Determinants in Pakistan
Keywords:
Economic growth, financial development, co integration, ECM, PakistanAbstract
Economic growth is the desire of every economy. It is one of the most important variables which need to be explored in any economy, especially in economy like Pakistan which is facing extremely depressing development in terms of economics. The potential aim of this research is to find temporal analysis of growth with respect to economic in Pakistan using the data set ranging 1978-2014. Impact of human capital, government consumption expenditure (government size), gross total investment, trade and financial development has been estimated on economic growth. To consider the long term analysis and short term evaluation and analysis, Johansen co integration and error correction model respectively have been used because the data was found stationary at its first difference. When data is found stationary at its first difference, then the technique of ordinary least square (OLS) does not work. Government consumption expenditure, human capital, gross total investment and trade have significant positive the development with respect to financial affairs and development have non-important but positive impact on the development and growth in terms of economics. The policy makers may find this research vital because it discusses the impact of some important economic variables on economic growth.
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