, Bangladesh, India, Pakistan, and Sri Lanka, covering the period from 1980 to 2003. The analysis is done with the help of tables … Pakistan are affected by the major as well as the regional markets in the long run. In the short run, however, the markets …

highlighted in literature: institutions and geography. However, it remains controversial as to which of these two is the more … important. The “Institutions school” assigns primal importance to institutions, whereas the “Geography school” considers … their hypotheses. It concludes in favour of the Institutions hypothesis as the Geography school does not provide a …