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Institutional Change and Economic Growth in Pakistan

Younis, Fizza (2015): Institutional Change and Economic Growth in Pakistan.

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This study attempts to isolate causes of institutional change and investigates the role it plays in achieving economic development. Institutional change is vital for sustainable economic growth but literature shows that related empirical evidence is limited. In this paper Multiple Indicators and Multiple Causes Model is employed. The results reveal that in case of Pakistan control of corruption, rule of law, privatization, liberalization, and voice accountability are the most important causes of institutional change. In addition to this export orientation also have a positive effect on institutional change whereas macroeconomic instability has a negative impact. Furthermore, there exists a significant positive relation between institutional change and economic development in Pakistan. The first section of the study provides an introduction, and section two provides relevant literature review. In section three methodology employed by the study is discussed. Section four presents results and discussion. Section five chalks out policy implications and concludes the study.

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