Special Edition-07.pdf - Lahore School of Economics

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148 M. Ashraf Janjua 8. In a changing international environment, Pakistan also needs to diversify exports towards its industrial base. This objective can be achieved by attracting FDI selectively into such export-oriented industries that correspond to and utilize the dynamic comparative advantages of the country. This will proactively create linkages between domestic firms and Transnational Corporations (TNCs), enabling local firms to tap the technological expertise of TNCs and move into integrated international production systems, as indirect or direct exporters. 9. The structure of the country’s exports suggests the need for a policy shift, to diversify exports across different products and also to move towards higher value-added items. The objective of diversification and value addition can be achieved through consistent and well-defined strategies. Due to limited resources, a piece-meal strategy should be adopted to enhance the exports base. Initially, there is a need to explore the products in which the country has a comparative advantage and certain low cost measures will help boost exports, thereby enhancing productivity. In spite of the fact that fruits, vegetables and fish are produced in abundance in Pakistan, the processing industry is not developed. One of the major reasons for Pakistan's poor performance in this field is lack of a storage and canning facility. Non-traditional agro-based products like fruits, vegetables, dairy products and fish offer vast scope to augment domestic production and exports through crop substitution, the introduction of modern technology for storage, processing and packing, etc. The Trade Development Authority of Pakistan (TDAP), formerly the Export Promotion Bureau, should plan cold storage houses at different points in the fruit growing areas to handle farm products for export purposes. These storage houses should also serve as places where training for the packaging of fruits, vegetables and fish for export should be imparted to the exporters. 10. The variables such as trade openness, government consumption and capital inflows lead to depreciation of the REER index, while workers’ remittances, terms of trade, and total factor productivity vis-à-vis trading partners lead to an appreciation of the REER index.
Pakistan’s External Trade: Does Exchange Rate Misalignment Matter for Pakistan? 149 References Arslaner, F. and G. Erlat, 1997, “Measuring Annual Real Exchange Rate Series for Turkey”, Yapi Kredi Economic Review Vol. 8, No. 2, pp. 35-61. Black, S., 1994, “On the Concept and Usefulness of the Equilibrium Rate of Exchange”, in J. Williamson (ed.), Estimating Equilibrium Exchange Rates, Institute for International Economics, Washington, DC. Bartolini, L., P. Clark, T. Bayoumi, and S. Symansky, 1994, “Exchange Rates and Economic Fundamentals: A Framework for Analysis”, IMF Occasional Paper No. 115. Chinn, M., 1998, “Before the Fall: Were East Asian Currencies Overvalued?” NBER Working Paper No. 6491. Economic Report of the President, 1999, “International Capital Flows, Their Causes, and the Risk of Financial Crisis,” Chapter 6, United States Government Printing Office, Washington, 1999. Edwards, S., 1994, “Real and Monetary Determinants of Real Exchange Rate Behavior: Theory and Evidence from Developing Countries”, in Estimating Equilibrium Exchange Rates, ed. by J. Williamson, Institute for International Economics, Washington, DC. Elbadawi, I., 1994, “Estimating Long-Run Equilibrium Real Exchange Rates”, in J. Williamson (ed.), Estimating Equilibrium Exchange Rates, Institute for International Economics, Washington, DC. Feyzioglu, T., 1997, “Estimating the Equilibrium Exchange Rate: An Application to Finland”, IMF Working Paper No: 97/109. Guerguil, M. and M. Kaufman, 1998, “Competitiveness and the Evolution of the Real Exchange Rate in Chile”, IMF Working Paper No. 98/58. Hyder, Zulfiqar and Adil Mahboob, 2006, “Equilibrium Real Effective Exchange Rate and Exchange Rate Misalignment in Pakistan”, SBP Working Paper Series, 2006. Johansen, S., 1988, “Statistical Analysis of Cointegration Vectors”, Journal of Economic Dynamics and Control, No. 12, pp. 231-254.
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