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\title{Economic Determinants of Domestic Investment: A Case of Pakistan}
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             \author[1]{Muhammad  Azeem}

             \affil[1]{  University of Sargodha}

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\date{\small \em Received: 6 December 2013 Accepted: 4 January 2014 Published: 15 January 2014}

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\begin{abstract}
        


The study intends to investigate the determinants of gross domestic investments in Pakistan from the period of 1973 to 2010. All the annual time series of data have been extracted from the valid sources like; Business Recorder and State Bank of Pakistan. In order to assess their behavior over the time, and to evaluate how these variables have either hindered or encouraged the growth of investment in Pakistan?s economy. Domestic investment in Pakistan is stimulated by real GDP growth as well as with the expansion of exports of goods and services. Moreover, the flow of FDI in Pakistan is ?crowd in? domestic investment. The development of financial sector and human capital is vital for economic escalation in country. However, the stimulation in formal credit and formation of industrial capital may lead towards promulgation in domestic investments. The Pakistan?s economic environment demands massive level of domestic investments which lead towards capital formation and economic progression.

\end{abstract}


\keywords{domestic investment, foreign direct investment and economic growth.}

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\let\tabcellsep& 	 	 		 
\section[{Introduction}]{Introduction}\par
omestic investment is a tool for measuring the level GDP. It is an important component of GDP which is used for future productivity of an economy. It includes both replacement purchases plus net additions to capital assets and investments in inventories. The gross domestic investment includes three types of investments like; non-residential investment, residential investments and change in inventories. In Pakistan, the trend of capital formation through these three means is negligible therefore there is harsh need to investigate what are the basic determinants of gross domestic investments in Pakistan. Recently, the empirical evidence suggests that the fastest growing countries are the biggest FDI-host countries and resultantly the domestic level of investment creep up . The attention has been changed from FDI to domestic investment which is the real leader of economic growth after the financial crisis in Asian countries. Whereas, few researchers have questioned that how did domestic investment increase in some developing countries and did not in others, in particular, what causes domestic investment and what retards it. So, it is an important issue to address for a country like; Pakistan that is Author ? ? ?: Department of Management Sciences University of Sargodha Gujranwala Campus. e-mail: Azeem\textunderscore pugc41@yahoo.com characterized by high unemployment, poverty rates, lack of capital formation and demolishing financial markets. Policy makers and scholars are in rush to identify, what are the factors that are important in determining investment process. The study intends to investigate what are the determinants of domestic investment in Pakistan. Because, Pakistan's economy is suffering for lack of indigenous resources, which are relevant for surge in economic progress of a country. The study contributes to the existing literature in the following ways: first, in most of the existing studies FDI has been considered as major predictor of economic growth whereas less emphasis has been given to domestic investments. So, this study bridges this gap by exclusively considering the role of domestic investments in economic growth. Secondly, most of the empirical studies have been carried out on the direct relationship between domestic investment and its determinants in developing countries but remained inconclusive. Because, the scholars have focused on the impact of determinants like; short and long run respectively. However, in this study OLS regression has been used, the technique will not only identify the direction of the relationship but will also measure the magnitude of the relationship. Finally, this research has been conducted following the recent economic reform efforts in Pakistan like; involving the economic liberalization for both domestic and foreign investment, financial developments, leveraged industrial policies and most importantly after the massive social-economic changes in region. 
\section[{II.}]{II.} 
\section[{Literature Review}]{Literature Review}\par
In the last 40 years, we were checking the relationship between saving and foreign capital flow. In this research, our aim is to identify the role foreign capital as substitute or complementary. There is the massive debate on empirical and theoretical levels. The dependency ratio also affects the foreign capital inflows and saving rate. This is a very interesting topic and more attractive for study in developing countries  {\ref (Khan,1992)}. Having focus on factors that affect savings in Pakistan. In this article, they conclude that bad effect of foreign capital on national saving in Pakistan. In 1970's, declining period was started for Pakistan but saving was increasing in South East Asian countries \hyperref[b2]{(Hussein, 1995)}. The trend of private saving compared with the private saving of south East Asian countries by using co  
\section[{B}]{B}\par
integration techniques probed by different studies Some other factors also influenced the long run evolution of saving like; wealth, public sector debt and so on  {\ref (Khan,H, 1997)}. The attitude of developing countries toward foreign direct investment has emerged, but the sentiment is weaker for Pakistan. Policies are very weak in Pakistan for inflow of foreign direct investment. Private investment playing a crucial role in many developing countries especially in Pakistan. As, \hyperref[b5]{Khan \& Khan, (2001)} analyzed the determinants of private investment with the help of ARDL technique. They probed the relationship between long and short run investment that exist in Pakistan's environment. Foreign capital inflows are substitute or complementary the researchers have proved that. In Pakistan the impact of FDI have long run impact on investments \hyperref[b0]{(Ahmed \& Ahmed, 2002)} . The contribution of domestic investment to the economy has been debated extensively over the years. These debates help out of developed and under developed economies. So, the most relevant material is put in this research of domestic investment which are reducing the spread of poverty in our economy. 
\section[{III.}]{III.} 
\section[{Methodology}]{Methodology}\par
The data has been derives from SBP and business recorder of Pakistan for the period of 1973-2010. The regression and correlation techniques have been applied to conclude the results. In this line of research, in most of the studies a subset of the following variables ( among others ) as the exogenous variables in the domestic investment equation: FDI, exports and money supply.GDI = 0+ 1 G r + 2 FDI + 3 FI+4 H+5 Cr + e??????1\par
IV. 
\section[{Results}]{Results}\par
In this section the results of the study have been presented in different tables. It is a co-relational study; in order to go for regression analysis the properties of data should be examined. The details of the variables have given in table no 01 along with proxies and sources of date from where the date set has been extracted. 
\section[{Table No : 02 Descriptive Statistics}]{Table No : 02 Descriptive Statistics}\par
The properties of data further analyzed by using pair-wise correlation analysis, its results have been shown in table no 02. The coefficients of correlation between predictors clearly indicate that there is not any serious problem of multi coliniarity and auto-correlation shown the concerns for multi-coloniarity and auto correlations like; exports to GDP, imports to GDP and above said variables can be justified because these are the macro economic variables which have collective movements in response to external shocks. Overall, the data is appropriate for regression analysis. In order to investigate the relationship between the variables, regression analysis has been applied, and its results are reported in table no 04. Balance of trade, money supply and gross domestic savings are the important determinants of domestic investments. The results of the study indicate that there are the positive and significant relationships between gross domestic investments with respect to foreign direct investment, gross domestic savings and money supply in country. It has been probed that as the foreign funds will move in, the level of domestic investments will also phenomena, the formal one narrates that as the MNC'S (Multi-national Corporations) will flourish in country the auxiliary industries will also charge in with the local funding. However, the later one suggests that the confidence of local investor boot up as he finds the international investors in country. Moreover, exports have positive relationship with domestic investments, which implies that, the expansion in exports followed by increase in domestic production. The returns of exports are more than sale within country. So, the domestic producer become active as he finds international demands for product in order cope rich returns. Additionally, the negative relationship with imports revels that massive inputs from V. 
\section[{Conclusion}]{Conclusion}\par
The study intends to investigate the determinants of gross domestic savings in Pakistan from the period of 1973-2010. All the annual time series of data have been extracted from the valid sources of data like; business recorder and state bank of Pakistan.\par
In order to assess their behavior over time, and to evaluate how these variables have either hindered or encouraged the growth of investment in Pakistan's 03 Correlation Analyses -inresponse variables. However, few variables have M2. Moreover, this much of correlation between the creep up. There are the two approaches to address this economy. Domestic investment in Pakistan is stimulated by real GDP growth as well as expansion of exports of goods and services, domestic savings and foreign direct investments. Moreover, the flow of FDI to Pakistan is "crowd in" domestic investment but with the more magnitudes than GDP growth and exports expansion. The development of financial sector and human capital is vital for economic escalation in country. However, the stimulation in formal credit and formation of industrial capital may lead towards promulgation in domestic investments. The Pakistan's economic environment demands massive level of domestic investments. As for as the concern of economic determinants, the study has tried to cover all most all aspects of economic determinants, but the local environment demands to probe some other cultural aspects. In Pakistan, our social values are quite different from the developed part of the world which drives the spending and saving balance of any individual entity. Consequently, further studies should try to include some socio-graphic values as determinants of gross domestic savings along with economic determinants in studies.\begin{figure}[htbp]
\noindent\textbf{}\includegraphics[]{image-2.png}
\caption{\label{fig_0}D}\end{figure}
  \begin{figure}[htbp]
\noindent\textbf{} \par 
\begin{longtable}{P{0.06189000774593339\textwidth}P{0.36014717273431446\textwidth}P{0.09678543764523624\textwidth}P{0.11258714175058095\textwidth}P{0.05333075135553834\textwidth}P{0.052672347017815646\textwidth}P{0.0599147947327653\textwidth}P{0.052672347017815646\textwidth}}
\tabcellsep \tabcellsep \multicolumn{5}{l}{Economic Determinants of Domestic Investment: A Case of Pakistan}\tabcellsep \\
Year 2014\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\
Volume XIV Issue VII Version I\tabcellsep \multicolumn{7}{l}{Table No : 01 Details of Variables Description of the Data Growth rate of real GDP Foreign Direct Investment as a ratio of GDP Gross Domestic Investment as a ratio of GDP Where: GDI, Denotes domestic investment (net of FDI) Variable Gr FDI GDI Denotes the growth rate of real GDP, X, Denotes the exports of goods and services as a ratio Source SBP SBP of GDP, FI, Denotes financial intermediation as calculated by M2 FDI, Denotes foreign direct investment as a ratio of GDP, as a ratio of GDP,}\\
( ) B\tabcellsep FI X\tabcellsep \tabcellsep \multicolumn{3}{l}{Financial intermediation proxied by M2 /GDP Export of goods and services as a ratio of GDP}\tabcellsep SBP SBP\tabcellsep \\
Global Journal of Management and Business Research\tabcellsep Mean Median Maximum\tabcellsep Export as a \%age of GDP 0.539421 0.550478 1.191845\tabcellsep FDI as a \%age of GDP 0.021439 0.019499 0.059260\tabcellsep GDI as a \%age of GDP 18.19572 18.31845 22.52262\tabcellsep GDS as a \%age of GDP 11.11167 10.54257 18.10428\tabcellsep Imports as a \%age of GDP 0.896660 0.755789 2.024221\tabcellsep M2 as a \%age of GDP 0.419954 0.406806 0.508111\\
\tabcellsep Minimum\tabcellsep 0.131507\tabcellsep -0.007151\tabcellsep 12.81189\tabcellsep 3.998153\tabcellsep 0.234898\tabcellsep 0.297474\\
\tabcellsep Std. Dev\tabcellsep 0.303847\tabcellsep 0.013568\tabcellsep 1.980600\tabcellsep 4.374095\tabcellsep 0.589840\tabcellsep 0.053139\\
\tabcellsep Skewness\tabcellsep 0.454862\tabcellsep 0.923387\tabcellsep -0.326181\tabcellsep 0.029857\tabcellsep 0.501691\tabcellsep -0.191701\\
\tabcellsep Kurtosis\tabcellsep 2.223062\tabcellsep 4.361356\tabcellsep 4.376912\tabcellsep 1.675265\tabcellsep 1.847894\tabcellsep 2.262416\end{longtable} \par
 
\caption{\label{tab_0}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{No} \par 
\begin{longtable}{P{0.2979381443298969\textwidth}P{0.16211340206185565\textwidth}P{0.1445876288659794\textwidth}P{0.10077319587628865\textwidth}P{0.09639175257731958\textwidth}P{0.04819587628865979\textwidth}}
\tabcellsep :\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\
\tabcellsep FDI as\tabcellsep Exports\tabcellsep GDS\tabcellsep Imports\tabcellsep M2 as\\
\tabcellsep \%GDP\tabcellsep as\tabcellsep as\tabcellsep as\tabcellsep \%GDP\\
\tabcellsep \tabcellsep \%GDP\tabcellsep \%GDP\tabcellsep \% GDP\tabcellsep \\
FDI as \%GDP\tabcellsep 1\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\
Exports as \%GDP\tabcellsep 0.4873\tabcellsep 1\tabcellsep \tabcellsep \tabcellsep \\
GDS as \% GDP\tabcellsep 0.2704\tabcellsep 0.4308\tabcellsep 1\tabcellsep \tabcellsep \\
Imports as \%GDP\tabcellsep 0.3713\tabcellsep 0.4053\tabcellsep 0.4661\tabcellsep 1\tabcellsep \\
M2 as \%GDP\tabcellsep 0.4340\tabcellsep 0.6621\tabcellsep 0.3235\tabcellsep 0.5285\tabcellsep 1\end{longtable} \par
 
\caption{\label{tab_1}Table No}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{No} \par 
\begin{longtable}{P{0.11505524861878452\textwidth}P{0.2606353591160221\textwidth}P{0.19723756906077347\textwidth}P{0.1408839779005525\textwidth}P{0.1361878453038674\textwidth}}
\tabcellsep \multicolumn{3}{l}{: 04 Regression Analysis}\tabcellsep \\
Variable\tabcellsep \multicolumn{2}{l}{Coefficient Std. Error}\tabcellsep t-Statistic\tabcellsep Prob.\\
FDI\tabcellsep 99.00018\tabcellsep 17.51985\tabcellsep 5.650743\tabcellsep 0.0000\\
EX\tabcellsep 4.325702\tabcellsep 1.561064\tabcellsep 2.770996\tabcellsep 0.0092\\
GDS\tabcellsep 0.136654\tabcellsep 0.089891\tabcellsep 1.520229\tabcellsep 0.0383\\
IMP\tabcellsep -3.436955\tabcellsep 1.042692\tabcellsep -3.296233\tabcellsep 0.0024\\
M2\tabcellsep 6.859344\tabcellsep 5.835457\tabcellsep 1.175460\tabcellsep 0.0485\\
C\tabcellsep 10.92578\tabcellsep 2.559829\tabcellsep 4.268167\tabcellsep o0.0002\\
R-squared\tabcellsep 0.735496\tabcellsep \multicolumn{2}{l}{Mean dependent var}\tabcellsep 18.19572\\
Adjusted R-squared\tabcellsep 0.694167\tabcellsep \multicolumn{2}{l}{S.D. dependent var}\tabcellsep 1.980600\end{longtable} \par
 
\caption{\label{tab_2}Table No}\end{figure}
 			\footnote{© 2014 Global Journals Inc. (US)} 		 		\backmatter  			  				\begin{bibitemlist}{1}
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\end{document}
