Abstract
This paper looks at the impact of structural adjustment on the macroeconomic performance. of Pakistan. After a brief description of the broad characteristics of the various policies im-plemented under Pakistan's 1980s adjustment programme, it provides a methodological review of pre-existing studies of the effects of adjustment on macroeconomic performance in Pakistan. A number of methodological shortcomings of the methods used are identified, including the problem of controlling for non-adjustment factors. An alternative analysis is then proposed, which involves simulating an error correetion model using time series data for inflation and investment. Model simulations based on a number of alternative scenarios suggest that adjustment has had a negligible indirect effect, if any on investment. Inflation would on average have been higher in the absence of adjustment, though this difference has diminished in recent years.
Mark McGillivray, Howard White , Afzal Ahmad. (1995) EVALUATING THE EFFECTIVENESS OF STRUCTURAL ADJUSTMENT POLICIES ON M’ACROECONOMIC PERFORMANCE: A Review of tho Evidence with Special Reference to Pakistan, Pakistan Journal of Applied Economics, Volume-11, Issue-1.
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