Three-gap analysis of structural adjustment in Pakistan

Z. Iqbal

Research output: ThesisDoctoral Thesis

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Abstract

This study addresses two specific sets of questions. The first main question that has occupied a number of researchers is whether the adjustment programs (advocated by the World Bank and the International Monetary Fund) have had any positive effects to date on macroeconomic performance (i.e. on exports, imports, savings, investment, consumption, and gross domestic product) in Pakistan. The second main question posed here is whether and to what extent external factors aggravated the adjustment process. The purpose of this study has accordingly been to provide systematic quantitative evidence on these fundamental questions, using 1970 to 1993 as the period of observation. We use a three-gap framework to explore the contributions to macroeconomic performance of the adjustment policy reforms and external shocks. The individual and collective effects of adjustment policies and external shocks are measured through a number of simulation experiments. The central finding of the study is that in broad terms, the adjustment programs resulted in a substantial improvement in macroeconomic performance of Pakistan's economy. Furthermore, the adverse effects associated with external shocks appeared to have been severe during the adjustment process.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • James, Michael, Promotor
  • Pyatt, G., Promotor, External person
Award date9 Sep 1996
Place of PublicationTilburg
Publisher
Print ISBNs905668017X
Publication statusPublished - 1996

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