CONCESSIONAL DEBT AND GROWTH IN SERVICES SECTOR OF PAKISTAN

http://dx.doi.org/10.31703/gssr.2021(VI-II).22      10.31703/gssr.2021(VI-II).22      Published : Jun 2
Authored by : Muhammad Abdullah , Ayza Shoukat , Atif Ali Gill

22 Pages : 215-223

References

  • Aggarwal, A. (2012). India's Services Sector: Gateway to Development? Economic and Political Weekly, 47(26/27)119-123
  • Ahmed, A., & Ahsan, H. (2014). Contribution of the services sector in the economy of Pakistan. Research Journal of Social Sciences, 3(1), 79-92
  • Ardagna, S., Caselli, F., & Lane, T. (2007). Fiscal discipline and the cost of public debt service: some estimates for OECD countries. The BE Journal of Macroeconomics, 7(1), 1-28.
  • Auerbach, A. J., & Gorodnichenko, Y. (2013). Corrigendum: measuring the output responses to fiscal policy. American Economic Journal: Economic Policy, 5(3), 320-22.
  • Azzimonti, M., & Yared, P. (2019). The optimal public and private provision of safe assets. Journal of Monetary Economics, 102(1), 126-144.
  • BeneÅ¡ová, D., Kubičková, V., Michálková, A., & KroÅ¡láková, M. (2018). Innovation activities of gazelles in business services as a factor of sustainable growth in the Slovak Republic. Entrepreneurship and Sustainability Issues, 5(3), 452-466.
  • Blanchard, O. J. (2019). Public debt: Fiscal and welfare costs in a time of low-interest rates (No. PB19-2)
  • Blavy, R., (2006). Public Debt and Productivity: The Difficult Quest for Growth in Jamaica. IMF Working Paper, No. 06/235: Washington, D.C., United States
  • Brown, G., & Summers, L. H. (2020). Debt relief is the most effective pandemic aid. Project Syndicate, 15
  • Bryson, J. R., & Daniels, P. W. (1998). Service Industries in the Global Economy, 1, Edward Elgar Publishing Ltd: U.K. http://www.e- elgar.com/shop/isbn/9781858987187
  • Buera, F. J., & Kaboski, J. P. (2012). The rise of the service economy. American Economic Review, 102(6), 2540-69.
  • Chenery, H. B., & Taylor, L. (1968). Development patterns: among countries and over time. The Review of Economics and Statistics, 50(4), 391-416.
  • Chudik, A., Mohaddes, K., Pesaran, M. H., & Raissi, M. (2017). Is there a debt-threshold effect on output growth? Review of Economics and Statistics, 99(1), 135-150
  • Clements, B., Bhattacharya, R., & Nguyen, T. Q. (2003). External debt, public investment, and growth in low-income countries. (No. 2003/249). International Monetary Fund.
  • Cohen, D. (1993). Growth and external debt. CEPR Discussion Papers, (778).
  • Diamond, D. W., & He, Z. (2014). A theory of debt maturity: the long and short of debt overhang. The Journal of Finance, 69(2), 719-762.
  • Gallouj, F., & Savona, M. (2009). Innovation in services: a review of the debate and a research agenda. Journal of Evolutionary Economics, 19(2), 149-172.
  • Government of Pakistan. (2021). Pakistan Economic Survey 2020-21. Islamabad, Pakistan: Finance Division, Government of Pakistan.
  • Hassan, K., & Abdullah, A. (2015). Effect of oil revenue and the Sudan economy: Econometric model for services sector GDP. Procedia-Social and Behavioral Sciences, 172, 223-229.
  • Hassan, O. J, Sule, A., & Abu, J. (2015). Implications of External Debt on the Nigerian Economy: Analysis of the Dual Gap Theory. Journal of Economics and Sustainable Development, 6(13), 238-249.
  • Huidrom, R., Kose, M. A., & Ohnsorge, F. (2016). A ride in rough waters. International Monetary Fund Finance & Development, 53(3), 34-37.
  • Kraay, A. (2012). How large is the government spending multiplier? Evidence from World Bank lending. The Quarterly Journal of Economics, 127(2), 829-887.
  • Kraay, A. (2014). Government spending multipliers in developing countries: evidence from lending by official creditors. American Economic Journal: Macroeconomics, 6(4), 170-208.
  • Kumhof, M., & Tanner, E. (2005). Government Debt. Government Debt, 2005(57), 1-29
  • Law, S. H., Ng, C. H., Kutan, A. M., & Law, Z. K. (2021). Public debt and economic growth in developing countries: Nonlinearity and threshold analysis. Economic Modelling, 98(2), 26-40.
  • Mauro, P., & Zhou, J. (2021). rg
  • McCartney, M. (2020). The China-Pakistan Economic Corridor (CPEC): Infrastructure, Social Savings, Spillovers, and Economic Growth in Pakistan. Eurasian Geography and Economics, 1-32.
  • Mendoza, E. G., & Oviedo, P. M. (2009). Public debt, fiscal solvency and macroeconomic uncertainty in Latin America: the cases of Brazil, Colombia, Costa Rica and Mexico. Economía mexicana. Nueva época, 18(2), 133-173
  • Mujahid, H., & Alam, S. (2014). Service sector as an engine of growth: Empirical analysis of Pakistan. Asian Economic and Financial Review, 4(3), 377.
  • Nwakoby, I. C., & Ezeaku, H. C. (2021). Effects of concessional debt on economic development: a multilateral and bilateral perspective on the West African monetary zone. European Journal of Economic and Financial Research, 5(2), 38-55.
  • Obstfeld, M. (2013). Finance at center stage: Some lessons of the euro crisis
  • Park, D., & Shin, K. (2012). The service sector in Asia: is it an engine of growth?. Asian Development Bank Economics Working Paper Series, (322)
  • Pesaran, M. H., & Pesaran, B. (1997). Working with microfit 4.0. Camfil Data Ltd, Cambridge.
  • Rath, D. P., & Rajesh, R. (2006). Analytics and implications of services sector growth in Indian economy. The Journal of Income and Wealth, 28(1), 47-62.
  • Rogoff, K. (2020). Falling real interest rates, rising debt: A free lunch?. Journal of Policy Modeling, 42(4), 778-790.
  • Sasidharan, S., Lukose, P. J., & Komera, S. (2015). Financing constraints and investments in R&D: Evidence from Indian manufacturing firms. The Quarterly Review of Economics and Finance, 55(1), 28-39.
  • Savvides, A. (1992). Investment slowdown in developing countries during the 1980s: Debt overhang or foreign capital inflows?. Kyklos.
  • Shoukat, A., & Ahmad, K. (2017). Impact of Physical Infrastructure on Economic Growth: Implications for Public Policy. Governance and Management Review, 1(1), 28-42
  • Shoukat, A., Ahmad, K., & Abdullah, M. (2016). Does infrastructure development promote regional economic integration? CPEC's implications for Pakistan. The Pakistan Development Review, 455-467.
  • Shoukat, A., Ahmad, K., & Abdullah, M. (2017). Enigma of Public Assistance to Private Investment through Infrastructure: Evidence from Pakistan. Review of Economics and Development Studies, 3(1), 1-12.
  • Siddique, H. M. A., Ullah, K., & Haq, I. U. (2017). External debt and economic growth Nexus in Pakistan. International Journal of Economics and Empirical Research, 5(2), 73-77.
  • Singh, M., & Faircloth, S. (2005). The impact of corporate debt on long term investment and firm performance. Applied Economics, 37(8), 875-883
  • Smyth, D., Hsing, Y., (1995). In search of an Optimal Debt Ratio for Economic Growth, Contemporary Economic Policy, 13(4), 51- 59.
  • Syrquin, M. (1988). Patterns of structural change. Handbook of development economics, 1, 203-273.
  • Turan, T., & Yanıkkaya, H. (2021). External debt, growth and investment for developing countries: some evidence for the debt overhang hypothesis. Portuguese Economic Journal, 20(3), 319-341.
  • Visagie, J., & Turok, I. (2021). The contribution of services to international trade in Southern Africa. Development Southern Africa, 38(1), 21-38.
  • Woo, J., & Kumar, M. S. (2015). Public debt and growth. Economica, 82(328), 705-739.
  • Yared, P. (2019). Rising government debt: Causes and solutions for a decades-old trend. Journal of Economic Perspectives, 33(2), 115-40.

References

  • Aggarwal, A. (2012). India's Services Sector: Gateway to Development? Economic and Political Weekly, 47(26/27)119-123
  • Ahmed, A., & Ahsan, H. (2014). Contribution of the services sector in the economy of Pakistan. Research Journal of Social Sciences, 3(1), 79-92
  • Ardagna, S., Caselli, F., & Lane, T. (2007). Fiscal discipline and the cost of public debt service: some estimates for OECD countries. The BE Journal of Macroeconomics, 7(1), 1-28.
  • Auerbach, A. J., & Gorodnichenko, Y. (2013). Corrigendum: measuring the output responses to fiscal policy. American Economic Journal: Economic Policy, 5(3), 320-22.
  • Azzimonti, M., & Yared, P. (2019). The optimal public and private provision of safe assets. Journal of Monetary Economics, 102(1), 126-144.
  • BeneÅ¡ová, D., Kubičková, V., Michálková, A., & KroÅ¡láková, M. (2018). Innovation activities of gazelles in business services as a factor of sustainable growth in the Slovak Republic. Entrepreneurship and Sustainability Issues, 5(3), 452-466.
  • Blanchard, O. J. (2019). Public debt: Fiscal and welfare costs in a time of low-interest rates (No. PB19-2)
  • Blavy, R., (2006). Public Debt and Productivity: The Difficult Quest for Growth in Jamaica. IMF Working Paper, No. 06/235: Washington, D.C., United States
  • Brown, G., & Summers, L. H. (2020). Debt relief is the most effective pandemic aid. Project Syndicate, 15
  • Bryson, J. R., & Daniels, P. W. (1998). Service Industries in the Global Economy, 1, Edward Elgar Publishing Ltd: U.K. http://www.e- elgar.com/shop/isbn/9781858987187
  • Buera, F. J., & Kaboski, J. P. (2012). The rise of the service economy. American Economic Review, 102(6), 2540-69.
  • Chenery, H. B., & Taylor, L. (1968). Development patterns: among countries and over time. The Review of Economics and Statistics, 50(4), 391-416.
  • Chudik, A., Mohaddes, K., Pesaran, M. H., & Raissi, M. (2017). Is there a debt-threshold effect on output growth? Review of Economics and Statistics, 99(1), 135-150
  • Clements, B., Bhattacharya, R., & Nguyen, T. Q. (2003). External debt, public investment, and growth in low-income countries. (No. 2003/249). International Monetary Fund.
  • Cohen, D. (1993). Growth and external debt. CEPR Discussion Papers, (778).
  • Diamond, D. W., & He, Z. (2014). A theory of debt maturity: the long and short of debt overhang. The Journal of Finance, 69(2), 719-762.
  • Gallouj, F., & Savona, M. (2009). Innovation in services: a review of the debate and a research agenda. Journal of Evolutionary Economics, 19(2), 149-172.
  • Government of Pakistan. (2021). Pakistan Economic Survey 2020-21. Islamabad, Pakistan: Finance Division, Government of Pakistan.
  • Hassan, K., & Abdullah, A. (2015). Effect of oil revenue and the Sudan economy: Econometric model for services sector GDP. Procedia-Social and Behavioral Sciences, 172, 223-229.
  • Hassan, O. J, Sule, A., & Abu, J. (2015). Implications of External Debt on the Nigerian Economy: Analysis of the Dual Gap Theory. Journal of Economics and Sustainable Development, 6(13), 238-249.
  • Huidrom, R., Kose, M. A., & Ohnsorge, F. (2016). A ride in rough waters. International Monetary Fund Finance & Development, 53(3), 34-37.
  • Kraay, A. (2012). How large is the government spending multiplier? Evidence from World Bank lending. The Quarterly Journal of Economics, 127(2), 829-887.
  • Kraay, A. (2014). Government spending multipliers in developing countries: evidence from lending by official creditors. American Economic Journal: Macroeconomics, 6(4), 170-208.
  • Kumhof, M., & Tanner, E. (2005). Government Debt. Government Debt, 2005(57), 1-29
  • Law, S. H., Ng, C. H., Kutan, A. M., & Law, Z. K. (2021). Public debt and economic growth in developing countries: Nonlinearity and threshold analysis. Economic Modelling, 98(2), 26-40.
  • Mauro, P., & Zhou, J. (2021). rg
  • McCartney, M. (2020). The China-Pakistan Economic Corridor (CPEC): Infrastructure, Social Savings, Spillovers, and Economic Growth in Pakistan. Eurasian Geography and Economics, 1-32.
  • Mendoza, E. G., & Oviedo, P. M. (2009). Public debt, fiscal solvency and macroeconomic uncertainty in Latin America: the cases of Brazil, Colombia, Costa Rica and Mexico. Economía mexicana. Nueva época, 18(2), 133-173
  • Mujahid, H., & Alam, S. (2014). Service sector as an engine of growth: Empirical analysis of Pakistan. Asian Economic and Financial Review, 4(3), 377.
  • Nwakoby, I. C., & Ezeaku, H. C. (2021). Effects of concessional debt on economic development: a multilateral and bilateral perspective on the West African monetary zone. European Journal of Economic and Financial Research, 5(2), 38-55.
  • Obstfeld, M. (2013). Finance at center stage: Some lessons of the euro crisis
  • Park, D., & Shin, K. (2012). The service sector in Asia: is it an engine of growth?. Asian Development Bank Economics Working Paper Series, (322)
  • Pesaran, M. H., & Pesaran, B. (1997). Working with microfit 4.0. Camfil Data Ltd, Cambridge.
  • Rath, D. P., & Rajesh, R. (2006). Analytics and implications of services sector growth in Indian economy. The Journal of Income and Wealth, 28(1), 47-62.
  • Rogoff, K. (2020). Falling real interest rates, rising debt: A free lunch?. Journal of Policy Modeling, 42(4), 778-790.
  • Sasidharan, S., Lukose, P. J., & Komera, S. (2015). Financing constraints and investments in R&D: Evidence from Indian manufacturing firms. The Quarterly Review of Economics and Finance, 55(1), 28-39.
  • Savvides, A. (1992). Investment slowdown in developing countries during the 1980s: Debt overhang or foreign capital inflows?. Kyklos.
  • Shoukat, A., & Ahmad, K. (2017). Impact of Physical Infrastructure on Economic Growth: Implications for Public Policy. Governance and Management Review, 1(1), 28-42
  • Shoukat, A., Ahmad, K., & Abdullah, M. (2016). Does infrastructure development promote regional economic integration? CPEC's implications for Pakistan. The Pakistan Development Review, 455-467.
  • Shoukat, A., Ahmad, K., & Abdullah, M. (2017). Enigma of Public Assistance to Private Investment through Infrastructure: Evidence from Pakistan. Review of Economics and Development Studies, 3(1), 1-12.
  • Siddique, H. M. A., Ullah, K., & Haq, I. U. (2017). External debt and economic growth Nexus in Pakistan. International Journal of Economics and Empirical Research, 5(2), 73-77.
  • Singh, M., & Faircloth, S. (2005). The impact of corporate debt on long term investment and firm performance. Applied Economics, 37(8), 875-883
  • Smyth, D., Hsing, Y., (1995). In search of an Optimal Debt Ratio for Economic Growth, Contemporary Economic Policy, 13(4), 51- 59.
  • Syrquin, M. (1988). Patterns of structural change. Handbook of development economics, 1, 203-273.
  • Turan, T., & Yanıkkaya, H. (2021). External debt, growth and investment for developing countries: some evidence for the debt overhang hypothesis. Portuguese Economic Journal, 20(3), 319-341.
  • Visagie, J., & Turok, I. (2021). The contribution of services to international trade in Southern Africa. Development Southern Africa, 38(1), 21-38.
  • Woo, J., & Kumar, M. S. (2015). Public debt and growth. Economica, 82(328), 705-739.
  • Yared, P. (2019). Rising government debt: Causes and solutions for a decades-old trend. Journal of Economic Perspectives, 33(2), 115-40.

Cite this article

APA

CHICAGO

    CHICAGO : Abdullah, Muhammad, Ayza Shoukat, and Atif Ali Gill. 2021. "Concessional Debt and Growth in Services Sector of Pakistan." Global Social Sciences Review, VI (II): 215-223 doi: 10.31703/gssr.2021(VI-II).22

HARVARD

    HARVARD : ABDULLAH, M., SHOUKAT, A. & GILL, A. A. 2021. Concessional Debt and Growth in Services Sector of Pakistan. Global Social Sciences Review, VI, 215-223.

MHRA

    MHRA : Abdullah, Muhammad, Ayza Shoukat, and Atif Ali Gill. 2021. "Concessional Debt and Growth in Services Sector of Pakistan." Global Social Sciences Review, VI: 215-223

MLA

    MLA : Abdullah, Muhammad, Ayza Shoukat, and Atif Ali Gill. "Concessional Debt and Growth in Services Sector of Pakistan." Global Social Sciences Review, VI.II (2021): 215-223 Print.

OXFORD

    OXFORD : Abdullah, Muhammad, Shoukat, Ayza, and Gill, Atif Ali (2021), "Concessional Debt and Growth in Services Sector of Pakistan", Global Social Sciences Review, VI (II), 215-223

TURABIAN

    TURABIAN : Abdullah, Muhammad, Ayza Shoukat, and Atif Ali Gill. "Concessional Debt and Growth in Services Sector of Pakistan." Global Social Sciences Review VI, no. II (2021): 215-223. https://doi.org/10.31703/gssr.2021(VI-II).22