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This paper develops a model merging the monetary approach to the balance of payments and a neoclassical growth model into a unified framework in which inflation, growth, and the balance of payments are simultaneously determined. The empirical part of the paper presents estimates of the key...
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the turnaround in Pakistan''s external current account during this period; (2) while Pakistan''s growth was mainly export … investment; and (3) the structural reforms implemented in Pakistan during the past four years should make the observed …
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