000			01892nam a2200229 4500
999			_c52373 _d52373
003			OSt
005			20190807115433.0
008			190807b ||||| |||| 00| 0 eng d
100			_aAhad, Muhammad _97909
245			_aDoes Financial Development Promote Industrial Production in Pakistan? Evidence from Combined Cointegration and Causality Approach
300			_a297 -312 p.
520			_aThis study investigates the impact of financial development on industrial production from 1972 to 2014 in Pakistan. We use the Bayer and Hanck (2013, Journal of Time Series Analysis 34(1), 83–95,) combined cointegration technique to predict the long-run relationship between financial development, saving and industrial production. The results predict three cointegration vectors which confirm the existence of a long-run relationship between underlying variables. The empirical evidence shows a positive impact of financial development and savings on industrial growth in the long run as well as in the short run. The result of the VECM (Vector Error Correction Model) Granger causality confirms the bidirectional causality between financial development and industrial production in the long run. The variance decomposition approach shows that financial development has major contributions in explaining industrial production. The impulse response function also confirms the results of variance decomposition. This research opens new insights for policymaking.
653			_aIndustrial production
653			_aFinancial development
653			_aCombine cointegration,
653			_aVECM Granger
653			_a Innovative accounting approach, _aPakistan
700			_aDar, Adeel Ahmad _932946
700			_aImran, Muhammad _934087
773	0		_029349 _974851 _aBANIK, ARINDAM _dNEW DELHI SAGE PUBLISHING PVT. LTD. _o55510427 _tGLOBAL BUSINESS REVIEW _x0972-1509
942			_2ddc _cJA-ARTICLE