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Relationship between ratios of variables" /> <meta name="twitter:image" content="https://0.academia-photos.com/693873/2692675/96472645/s200_muhammad.mazher.jpg" /> <meta property="fb:app_id" content="2369844204" /> <meta property="og:type" content="article" /> <meta property="og:url" content="https://www.academia.edu/38717546/Effects_of_External_Debt_Interest_Payments_and_Export_Earnings_for_Economic_Growth_of_Pakistan" /> <meta property="og:title" content="Effects of External Debt, Interest Payments and Export Earnings for Economic Growth of Pakistan" /> <meta property="og:image" content="http://a.academia-assets.com/images/open-graph-icons/fb-paper.gif" /> <meta property="og:description" content="In this study, the relationship between external debt, interest payment, exports earnings and economic growth had been analysed for the Pakistan over the 1970-2017 with the help of cointegration analysis. Relationship between ratios of variables" /> <meta property="article:author" content="https://iqbaltahir.academia.edu/MUHAMMADMAZHER" /> <meta name="description" content="In this study, the relationship between external debt, interest payment, exports earnings and economic growth had been analysed for the Pakistan over the 1970-2017 with the help of cointegration analysis. Relationship between ratios of variables" /> <title>(PDF) Effects of External Debt, Interest Payments and Export Earnings for Economic Growth of Pakistan | MUHAMMAD A MAZHER - Academia.edu</title> <link rel="canonical" href="https://www.academia.edu/38717546/Effects_of_External_Debt_Interest_Payments_and_Export_Earnings_for_Economic_Growth_of_Pakistan" /> <script async src="https://www.googletagmanager.com/gtag/js?id=G-5VKX33P2DS"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-5VKX33P2DS', { cookie_domain: 'academia.edu', send_page_view: false, }); gtag('event', 'page_view', { 'controller': "single_work", 'action': "show", 'controller_action': 'single_work#show', 'logged_in': 'false', 'edge': 'unknown', // Send nil if there is no A/B test bucket, in case some records get logged // with missing data - that way we can distinguish between the two cases. // ab_test_bucket should be of the form <ab_test_name>:<bucket> 'ab_test_bucket': null, }) </script> <script> var $controller_name = 'single_work'; var $action_name = "show"; var $rails_env = 'production'; var $app_rev = '9387f500ddcbb8d05c67bef28a2fe0334f1aafb8'; var $domain = 'academia.edu'; var $app_host = "academia.edu"; var $asset_host = "academia-assets.com"; var $start_time = new Date().getTime(); var $recaptcha_key = "6LdxlRMTAAAAADnu_zyLhLg0YF9uACwz78shpjJB"; var $recaptcha_invisible_key = "6Lf3KHUUAAAAACggoMpmGJdQDtiyrjVlvGJ6BbAj"; var $disableClientRecordHit = false; </script> <script> window.require = { config: function() { return function() {} } } </script> <script> window.Aedu = window.Aedu || {}; window.Aedu.hit_data = null; window.Aedu.serverRenderTime = new Date(1733029395000); window.Aedu.timeDifference = new Date().getTime() - 1733029395000; </script> <script type="application/ld+json">{"@context":"https://schema.org","@type":"ScholarlyArticle","abstract":"In this study, the relationship between external debt, interest payment, exports earnings and economic growth had been analysed for the Pakistan over the 1970-2017 with the help of cointegration analysis. Relationship between ratios of variables combined in our study was restrained through econometrics techniques consist of unit root, Johansen co-integration and error correction model (ECM) to acquire the unbiased consequences. It had been determined that in short-run period, external debt (ED) to GDP having significant and negative relationship, external debt (ED) to export earnings (EE) ratio shows insignificant and negative relation with GDP. While, interest payments on external debt (IP) to GDP ratio presenting insignificant but positive relationship with GDP. For long-run period, the outcomes shows that, ED to GDP, ED to EE and IP to GDP ratios reveals negative and insignificant relationship with GDP of Pakistan economy for the described period. We conclude that the GDP get effected about 56% due to independent variable ratios in Pakistani economy for the years 1970-2017.","author":[{"@context":"https://schema.org","@type":"Person","name":"MUHAMMAD A MAZHER"}],"contributor":[],"dateCreated":"2019-04-04","dateModified":"2020-01-19","datePublished":"2019-01-01","headline":"Effects of External Debt, Interest Payments and Export Earnings for Economic Growth of Pakistan","inLanguage":"en","keywords":["Development Economics"],"locationCreated":null,"publication":"International Research Journal of Marketing \u0026 Economics","publisher":{"@context":"https://schema.org","@type":"Organization","name":null},"image":null,"thumbnailUrl":null,"url":"https://www.academia.edu/38717546/Effects_of_External_Debt_Interest_Payments_and_Export_Earnings_for_Economic_Growth_of_Pakistan","sourceOrganization":[{"@context":"https://schema.org","@type":"EducationalOrganization","name":"iqbaltahir"}]}</script><link rel="stylesheet" media="all" 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"https://www.academia.edu/login?post_login_redirect_url=https%3A%2F%2Fwww.academia.edu%2F38717546%2FEffects_of_External_Debt_Interest_Payments_and_Export_Earnings_for_Economic_Growth_of_Pakistan%3Fauto%3Ddownload"; window.loswp.translateUrl = "https://www.academia.edu/login?post_login_redirect_url=https%3A%2F%2Fwww.academia.edu%2F38717546%2FEffects_of_External_Debt_Interest_Payments_and_Export_Earnings_for_Economic_Growth_of_Pakistan%3Fshow_translation%3Dtrue"; window.loswp.previewableAttachments = [{"id":58801900,"identifier":"Attachment_58801900","shouldShowBulkDownload":false}]; window.loswp.shouldDetectTimezone = true; window.loswp.shouldShowBulkDownload = true; window.loswp.showSignupCaptcha = false window.loswp.willEdgeCache = false; window.loswp.work = {"work":{"id":38717546,"created_at":"2019-04-04T23:38:39.546-07:00","from_world_paper_id":null,"updated_at":"2021-01-14T05:00:02.314-08:00","_data":{"abstract":"In this study, the relationship between external debt, interest payment, exports earnings and economic growth had been analysed for the Pakistan over the 1970-2017 with the help of cointegration analysis. Relationship between ratios of variables combined in our study was restrained through econometrics techniques consist of unit root, Johansen co-integration and error correction model (ECM) to acquire the unbiased consequences. It had been determined that in short-run period, external debt (ED) to GDP having significant and negative relationship, external debt (ED) to export earnings (EE) ratio shows insignificant and negative relation with GDP. While, interest payments on external debt (IP) to GDP ratio presenting insignificant but positive relationship with GDP. For long-run period, the outcomes shows that, ED to GDP, ED to EE and IP to GDP ratios reveals negative and insignificant relationship with GDP of Pakistan economy for the described period. We conclude that the GDP get effected about 56% due to independent variable ratios in Pakistani economy for the years 1970-2017.","publication_date":"2019,,","publication_name":"International Research Journal of Marketing \u0026 Economics"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"Effects of External Debt, Interest Payments and Export Earnings for Economic Growth of Pakistan","broadcastable":true,"draft":false,"has_indexable_attachment":true,"indexable":true}}["work"]; window.loswp.workCoauthors = [693873]; window.loswp.locale = "en"; window.loswp.countryCode = "SG"; window.loswp.cwvAbTestBucket = ""; window.loswp.designVariant = "ds_vanilla"; window.loswp.fullPageMobileSutdModalVariant = "full_page_mobile_sutd_modal"; window.loswp.useOptimizedScribd4genScript = false; window.loswp.appleClientId = 'edu.academia.applesignon';</script><script defer="" src="https://accounts.google.com/gsi/client"></script><div class="ds-loswp-container"><div class="ds-work-card--grid-container"><div class="ds-work-card--container js-loswp-work-card"><div class="ds-work-card--cover"><div class="ds-work-cover--wrapper"><div class="ds-work-cover--container"><button class="ds-work-cover--clickable js-swp-download-button" data-signup-modal="{"location":"swp-splash-paper-cover","attachmentId":58801900,"attachmentType":"pdf"}"><img alt="First page of “Effects of External Debt, Interest Payments and Export Earnings for Economic Growth of Pakistan”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/58801900/mini_magick20190405-13099-162cn10.png?1554460548" /><img alt="PDF Icon" class="ds-work-cover--file-icon" src="//a.academia-assets.com/assets/single_work_splash/adobe.icon-574afd46eb6b03a77a153a647fb47e30546f9215c0ee6a25df597a779717f9ef.svg" /><div class="ds-work-cover--hover-container"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span><p>Download Free PDF</p></div><div class="ds-work-cover--ribbon-container">Download Free PDF</div><div class="ds-work-cover--ribbon-triangle"></div></button></div></div></div><div class="ds-work-card--work-information"><h1 class="ds-work-card--work-title">Effects of External Debt, Interest Payments and Export Earnings for Economic Growth of Pakistan</h1><div class="ds-work-card--work-authors ds-work-card--detail"><a class="ds-work-card--author js-wsj-grid-card-author ds2-5-body-md ds2-5-body-link" data-author-id="693873" href="https://iqbaltahir.academia.edu/MUHAMMADMAZHER"><img alt="Profile image of MUHAMMAD A MAZHER" class="ds-work-card--author-avatar" src="https://0.academia-photos.com/693873/2692675/96472645/s65_muhammad.mazher.jpg" />MUHAMMAD A MAZHER</a></div><div class="ds-work-card--detail"><p class="ds-work-card--detail ds2-5-body-sm">2019, International Research Journal of Marketing & Economics</p></div><p class="ds-work-card--work-abstract ds-work-card--detail ds2-5-body-md">In this study, the relationship between external debt, interest payment, exports earnings and economic growth had been analysed for the Pakistan over the 1970-2017 with the help of cointegration analysis. Relationship between ratios of variables combined in our study was restrained through econometrics techniques consist of unit root, Johansen co-integration and error correction model (ECM) to acquire the unbiased consequences. It had been determined that in short-run period, external debt (ED) to GDP having significant and negative relationship, external debt (ED) to export earnings (EE) ratio shows insignificant and negative relation with GDP. While, interest payments on external debt (IP) to GDP ratio presenting insignificant but positive relationship with GDP. For long-run period, the outcomes shows that, ED to GDP, ED to EE and IP to GDP ratios reveals negative and insignificant relationship with GDP of Pakistan economy for the described period. We conclude that the GDP get effected about 56% due to independent variable ratios in Pakistani economy for the years 1970-2017.</p><div class="ds-work-card--button-container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--work-card","attachmentId":58801900,"attachmentType":"pdf","workUrl":"https://www.academia.edu/38717546/Effects_of_External_Debt_Interest_Payments_and_Export_Earnings_for_Economic_Growth_of_Pakistan"}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--work-card","attachmentId":58801900,"attachmentType":"pdf","workUrl":"https://www.academia.edu/38717546/Effects_of_External_Debt_Interest_Payments_and_Export_Earnings_for_Economic_Growth_of_Pakistan"}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div></div><div data-auto_select="false" data-client_id="331998490334-rsn3chp12mbkiqhl6e7lu2q0mlbu0f1b" data-doc_id="58801900" data-landing_url="https://www.academia.edu/38717546/Effects_of_External_Debt_Interest_Payments_and_Export_Earnings_for_Economic_Growth_of_Pakistan" data-login_uri="https://www.academia.edu/registrations/google_one_tap" data-moment_callback="onGoogleOneTapEvent" id="g_id_onload"></div><div class="ds-top-related-works--grid-container"><div class="ds-related-content--container ds-top-related-works--container"><h2 class="ds-related-content--heading">Related papers</h2><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="0" data-entity-id="66652649" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/66652649/THE_IMPACT_OF_EXCHANGE_RATE_FISCAL_DEFICIT_AND_TERMS_OF_TRADE_ON_EXTERNAL_DEBT_OF_PAKISTAN_A_Cointegration_and_Causality_Analysis">THE IMPACT OF EXCHANGE RATE, FISCAL DEFICIT AND TERMS OF TRADE ON EXTERNAL DEBT OF PAKISTAN: A Cointegration and Causality Analysis</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="181505319" href="https://independent.academia.edu/AsmaAwan14">Asma Awan</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Australian Journal of Business and Management Research, 2011</p><p class="ds-related-work--abstract ds2-5-body-sm">The massive debt burden of Pakistan calls for a detailed analysis of trends in the foreign debt levels, its causative factors and implications for economic growth. 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Diagnostic test confirmed the validity of the model and C...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"THE IMPACT OF EXCHANGE RATE, FISCAL DEFICIT AND TERMS OF TRADE ON EXTERNAL DEBT OF PAKISTAN: A Cointegration and Causality Analysis","attachmentId":77759871,"attachmentType":"pdf","work_url":"https://www.academia.edu/66652649/THE_IMPACT_OF_EXCHANGE_RATE_FISCAL_DEFICIT_AND_TERMS_OF_TRADE_ON_EXTERNAL_DEBT_OF_PAKISTAN_A_Cointegration_and_Causality_Analysis","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/66652649/THE_IMPACT_OF_EXCHANGE_RATE_FISCAL_DEFICIT_AND_TERMS_OF_TRADE_ON_EXTERNAL_DEBT_OF_PAKISTAN_A_Cointegration_and_Causality_Analysis"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="1" data-entity-id="1327620" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/1327620/Debt_a_real_hurdle_in_the_economic_growth_of_Pakistan_A_time_series_analysis">Debt (a real hurdle in the economic growth of Pakistan): A time series analysis</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="453051" href="https://iium.academia.edu/MaryamShakur">Maryam Shakur</a></div><p class="ds-related-work--metadata ds2-5-body-xs">African Journal of Business …, 2011</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Debt (a real hurdle in the economic growth of Pakistan): A time series analysis","attachmentId":8216948,"attachmentType":"pdf","work_url":"https://www.academia.edu/1327620/Debt_a_real_hurdle_in_the_economic_growth_of_Pakistan_A_time_series_analysis","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/1327620/Debt_a_real_hurdle_in_the_economic_growth_of_Pakistan_A_time_series_analysis"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="2" data-entity-id="12145944" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/12145944/An_Econometric_Analysis_of_Determinants_of_External_Debt_in_Pakistan">An Econometric Analysis of Determinants of External Debt in Pakistan</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="3763576" href="https://uos.academia.edu/AkhtarAnjum">Akhtar Anjum</a></div><p class="ds-related-work--abstract ds2-5-body-sm">Present study examined macroeconomic determinants of external debt in Pakistan using annual time series data from 1976 to 2010.Cointegration technique has been used to find long run equilibrium relationship while short run dynamics have been analyzed using ECM. 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In contrast Terms of trade are negatively related to external debt being statistically insignificant</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"An Econometric Analysis of Determinants of External Debt in Pakistan","attachmentId":37452435,"attachmentType":"pdf","work_url":"https://www.academia.edu/12145944/An_Econometric_Analysis_of_Determinants_of_External_Debt_in_Pakistan","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/12145944/An_Econometric_Analysis_of_Determinants_of_External_Debt_in_Pakistan"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="3" data-entity-id="51879534" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/51879534/The_Effect_of_External_Debt_in_the_Economic_Growth_of_Pakistan">The Effect of External Debt in the Economic Growth of Pakistan</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="164136013" href="https://independent.academia.edu/SaadAsghar6">Saad Asghar</a></div><p class="ds-related-work--metadata ds2-5-body-xs">ABC Journal of Advanced Research</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"The Effect of External Debt in the Economic Growth of Pakistan","attachmentId":69403722,"attachmentType":"pdf","work_url":"https://www.academia.edu/51879534/The_Effect_of_External_Debt_in_the_Economic_Growth_of_Pakistan","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/51879534/The_Effect_of_External_Debt_in_the_Economic_Growth_of_Pakistan"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="4" data-entity-id="72815916" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/72815916/Impact_of_External_Debt_on_Economic_Growth_a_Case_Study_of_Pakistan">Impact of External Debt on Economic Growth: a Case Study of Pakistan</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="71627807" href="https://independent.academia.edu/naveedahmed126">naveed ahmed</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Evropejskij Issledovatelʹ, 2014</p><p class="ds-related-work--abstract ds2-5-body-sm">Since 1980s, the mounting debts and debt payment service of Pakistan due focus and consideration from the Policy makers and economists. This study was additionally done to audit and investigate the effect of external debt overhauling on the development and growth of Pakistan&#39;s economy. To hunt the target of research, five variables i.e. Growth, external debt servicing, saving, net export, Foreign Direct Investment were taken to focus their fact association with the GDP or development of the Pakistan&#39;s economy. Annual panel data was taken from the source World Bank indicator from the period of 1980 to 2013 and was manipulated through least square multiple regression models. The main variable external debt has significantly negative impact on dependent variable GDP so it‟s concluded that Pakistan should go for the option of debt forgiveness and must invite FDI but not much as their overloading may hurt the economy. Adjusting saving (ADS) highly significant positive relation wi...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Impact of External Debt on Economic Growth: a Case Study of Pakistan","attachmentId":81591972,"attachmentType":"pdf","work_url":"https://www.academia.edu/72815916/Impact_of_External_Debt_on_Economic_Growth_a_Case_Study_of_Pakistan","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/72815916/Impact_of_External_Debt_on_Economic_Growth_a_Case_Study_of_Pakistan"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="5" data-entity-id="87633125" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/87633125/FOREIGN_DEBT_DYNAMICS_AND_GROWTH_EVIDENCE_FROM_PAKISTAN">FOREIGN DEBT DYNAMICS AND GROWTH, EVIDENCE FROM PAKISTAN</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="238264961" href="https://independent.academia.edu/ijbmsijbms">ijbms ijbms</a></div><p class="ds-related-work--metadata ds2-5-body-xs">International Journal of Business and Management Sciences, 2020</p><p class="ds-related-work--abstract ds2-5-body-sm">The paper explored the concept of association between the debts and economic growth. The study was conducted to check the relationship between Exports, Pubic Debts, External Debts and GPD of Pakistan. The phenomena have been examined in the economic system of Pakistan by taking data from 1980 to 2017. The data in the paper has been collected WBI (World Bank Indicators), IMF and State Bank of Pakistan. The factors included were time series and used unit root test for the status of non-stationary and stationary. The findings of unit root test confirm that the time series were found non-stationary at level while they have become stationary at first difference. The test of optimal lag selection recommends one single lag for the co-integration approach. The findings of Trace and Max Eigen value test confirm that there is negative and significant relationship between public debt, external debts and economic growth of Pakistan. The study recommends the positive and significant relationship between exports and economic growth of Pakistan. The paper recommends that the proper fiscal policy and appropriate monetary management lead to use the funds in income generation project for increasing future income. The authorities should support local producers and help them out to increase production which will be helpful for the repayment of foreign loans.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"FOREIGN DEBT DYNAMICS AND GROWTH, EVIDENCE FROM PAKISTAN","attachmentId":91789205,"attachmentType":"pdf","work_url":"https://www.academia.edu/87633125/FOREIGN_DEBT_DYNAMICS_AND_GROWTH_EVIDENCE_FROM_PAKISTAN","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/87633125/FOREIGN_DEBT_DYNAMICS_AND_GROWTH_EVIDENCE_FROM_PAKISTAN"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="6" data-entity-id="67011979" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/67011979/Investigating_the_Impact_of_External_Debt_on_Economic_Growth_A_Case_Study_of_Pakistan">Investigating the Impact of External Debt on Economic Growth: A Case Study of Pakistan</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="118885759" href="https://independent.academia.edu/IrumSajjad">Irum Sajjad</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2019</p><p class="ds-related-work--abstract ds2-5-body-sm">This article is an attempt to evaluate the effect of external debt on economic growth for during the period of 1980–2016. The test is used for determining stationarity, whereas the ADF test results exhibit that the variables used found are . The empirical results indicate that external debt and total debt service have deleterious and statistically significant impacts on GDP growth rate. The other explanatory variables namely human capital by life expectancy, exports, and Foreign Direct Investment (FDI)reveals significantly positive significant influence on GDP growth rate. Appropriate policy should be adopted by the policy makers to reduce external debt, increase volume of exports and enhance more foreign investment, it will boost economic growth in the country.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Investigating the Impact of External Debt on Economic Growth: A Case Study of Pakistan","attachmentId":77992781,"attachmentType":"pdf","work_url":"https://www.academia.edu/67011979/Investigating_the_Impact_of_External_Debt_on_Economic_Growth_A_Case_Study_of_Pakistan","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/67011979/Investigating_the_Impact_of_External_Debt_on_Economic_Growth_A_Case_Study_of_Pakistan"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="7" data-entity-id="82648704" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/82648704/External_Debt_and_Export_Performance_in_Pakistan_An_Empirical_Investigation">External Debt and Export Performance in Pakistan: An Empirical Investigation</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="182116985" href="https://independent.academia.edu/madihakamal2">madiha kamal</a></div><p class="ds-related-work--metadata ds2-5-body-xs">IBT Journal of Business Studies, 2017</p><p class="ds-related-work--abstract ds2-5-body-sm">The objective of this research is to study the relationships between the two variables, external debt and exports performance within the reach of Pakistan. The data used for the study was selected by annual time series from 1972 to 2014. According to the co-integration analysis done for the study there was a significant negative relationship between export performance and external debt in Pakistan. Whereas when the Error correction model was used, the results pointed out an inconsequential relationship in the short run within the two variables, external debt and exports in the short run. The next test of stability analysis confirms that long run model is stable whereas, the granger causality test claims a unidirectional relationship from external debt and exports; the result of impulse response also confirms the negative relationship between exports and external debt in Pakistan; further the result of FMOLS states that the initial results are vigorous; the major reasons for the nega...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"External Debt and Export Performance in Pakistan: An Empirical Investigation","attachmentId":88286495,"attachmentType":"pdf","work_url":"https://www.academia.edu/82648704/External_Debt_and_Export_Performance_in_Pakistan_An_Empirical_Investigation","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/82648704/External_Debt_and_Export_Performance_in_Pakistan_An_Empirical_Investigation"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="8" data-entity-id="67409744" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/67409744/Cointegration_Analysis_of_the_Economic_Growth_Military_Expenditure_and_External_Debt_Evidence_from_Pakistan">Cointegration Analysis of the Economic Growth, Military Expenditure, and External Debt: Evidence from Pakistan</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="20041653" href="https://independent.academia.edu/IqtidarAliShah">Dr. Iqtidar Ali Shah</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Economics and Business Research, 2014</p><p class="ds-related-work--abstract ds2-5-body-sm">This paper attempts to examine the relationship between real military spending (RME), level of economic activity (RGNP), and real external debt (RED) by using a Johansen multivariate cointegration framework. The analysis is carried out using time series data over 1980-2008 The study investigates the long-run effects and short-run dynamics of the effect of rise in RGNP and RME on RED Pakistan. The quantitative evidence shows that external debt is more elastic with respect to military expenditure in the long run, whereas, there has been insignificant effect in the short-run. In the long-run, 1.00% increase in military expenditure leads to an increase in external debt by almost 3.96%. On the other hand, 1.00% increases in economic growth decreases external debt by 2.13%. In the short run, 1.00% increase in economic growth reduces external debt by 2.90%. The results presented in this study reinforce the importance to government, academic, and policy makers.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Cointegration Analysis of the Economic Growth, Military Expenditure, and External Debt: Evidence from Pakistan","attachmentId":78236738,"attachmentType":"pdf","work_url":"https://www.academia.edu/67409744/Cointegration_Analysis_of_the_Economic_Growth_Military_Expenditure_and_External_Debt_Evidence_from_Pakistan","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/67409744/Cointegration_Analysis_of_the_Economic_Growth_Military_Expenditure_and_External_Debt_Evidence_from_Pakistan"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="9" data-entity-id="30080206" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/30080206/External_Debt_and_Economic_Growth_Empirical_Evidence_from_Pakistan">External Debt and Economic Growth: Empirical Evidence from Pakistan</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="57198345" href="https://independent.academia.edu/MuhammadAhsan163">Muhammad Ahsan</a></div><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"External Debt and Economic Growth: Empirical Evidence from Pakistan","attachmentId":50530831,"attachmentType":"pdf","work_url":"https://www.academia.edu/30080206/External_Debt_and_Economic_Growth_Empirical_Evidence_from_Pakistan","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/30080206/External_Debt_and_Economic_Growth_Empirical_Evidence_from_Pakistan"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div></div></div><div class="ds-sticky-ctas--wrapper js-loswp-sticky-ctas hidden"><div class="ds-sticky-ctas--grid-container"><div class="ds-sticky-ctas--container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--sticky-ctas","attachmentId":58801900,"attachmentType":"pdf","workUrl":null}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--sticky-ctas","attachmentId":58801900,"attachmentType":"pdf","workUrl":null}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div><div class="ds-below-fold--grid-container"><div class="ds-work--container js-loswp-embedded-document"><div class="attachment_preview" data-attachment="Attachment_58801900" style="display: none"><div class="js-scribd-document-container"><div class="scribd--document-loading js-scribd-document-loader" style="display: block;"><img alt="Loading..." src="//a.academia-assets.com/images/loaders/paper-load.gif" /><p>Loading Preview</p></div></div><div style="text-align: center;"><div class="scribd--no-preview-alert js-preview-unavailable"><p>Sorry, preview is currently unavailable. 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