文章基本信息

标题：A cointegration approach to estimate private investment demand function of pakistan
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作者：Sharafat Ali
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2013
卷号：33
期号：1
出版社：Economics Bulletin
摘要：The present study estimates the long run private investment function for the period from 1972 to 2011 by using Johansen cointegration approach. The results suggest debt servicing, inflation and private investment to be negatively associated. The study concludes positive impact of GDP growth rate, foreign direct investment, and exchange rate on private investment in Pakistan. The Wald (χ2) Statistics show that GDP, FDI and exchange rate Granger cause private investment. The significance of coefficient of the error correction term confirms the long run causality between explanatory variables and private investment. The pair-wise Granger causality concludes unidirectional causality from private investment to GDP growth, from private investment to foreign direct investment, inflation rate to private investment and from private investment to exchange rate but causality test confirms bidirectional causality between debt servicing and private investment. The paper also suggests policy recommendations.
关键词：Investment; Debt Servicing; Exchange Rate; Foreign Direct Investment; Inflation; Stationarity; Cointegration.