Abstract
Financial liberalization is a process that involves the adoption and
implementation of various reforms in the financial sector of the country and it is
imperative to measure the level of liberalization at different time period. The
aim of this study is to construct a financial liberalization index (FLI) for
Pakistan employing principal component method over a period of 24 years from
1991 to 2014. The present study is an attempt to improve the financial
liberalization index formation by considering the real time change in
implementation process. However previous studies Chowdhury (2006) and
Amaira and Amaira (2014) considered single entry for one reform. The index
prefigures the degree of financial liberalization over a given time period. The
formulated index reveals that the process of financial liberalization accelerated
from 1998-2003, for rest of the years the pace remained sluggish.
Salman Ali Qureshi, Syed Muhammad Amir Shah. (2018) Financial Liberalization Index of Pakistan: Factorial Approach, Abasyn Journal of Social Sciences, Volume-11, Issue-1.
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