Professional Documents
Culture Documents
Supervisor
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Senior Professor of Economics
By
M.SHAHZAD YOUSAF
Roll #. ME 8241
MSc Economics
Session: 2007-09
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Department of Economic
Superior University Lahore, Pakistan.
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Dedicated to
My parents, teachers, friends and those who inspired me and whom I will
inspire.
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èertificate
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c has been carried out under my
supervision by
and is approved for submission in the partial
economics.c
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2009, hereby declare that matter printed in the thesis entitled c
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cis my own research and has neither been printed or
published nor it would be in Pakistan or abroad. I also declare that this thesis
work has not been used for any benefit or advantage elsewhere.
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Aè OWLEDGEMETS
successes accomplishing in every sphere of life. I would like to thank Sir Habib Asghar,
my thesis supervisor for his guidance and support during the entire period of writing this
paper. He constantly monitored my progress toward the completion of this paper. Sir
I also would like to acknowledge Sir Zia who is the program manager for being a source
of encouragement and motivation. He was always welcome and helpful whenever I visited
Finally, I appreciate my family for their understanding during the rest of the time I wasn¶t
available for them. To " all glory is unto Him for seeing me through out many
challenges.
December ,2009
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èhapter no. Description Page no.
c Abstract««««««««««««««««««« 2
1 Introduction««««««««««««««««««««. 3
c Introduction«««««««««««««««««. 3
c Definition«««««««««««««««««....c 4
c Research Question««««««««««««««« 6
2 Literature Review««««««««««««««««««« 7
3 Theoretical Framework««««««««««««««««.. 16
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c Theoretical Framework«««««««««««««« 19
c Methodology«««««««««««««««««« 22
c èorrelation««««««««««««««««««.. 25
c Adjusted R2««««««««««««««««««««««««««...
26
c èo-integration Test«««««««««««««««.. 27
c Multi co integration Analysis«««««««««««.. 33
c Error èorrection Model (EèM)««««««««««..
34
5 Data Analysis««««««««««««««««««««. 36
c èo-integration««««««««««««««««.. 40
6 èonclusion «««««««««««««««««««. 47
7 References «««««««««««««««««««««.. 50
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