Zara Liaqat

My research interests span various topics in the fields of international economics and macroeconomics. I use detailed administrative data and surveys to study how exogenous shocks - such as conflict, exchange-rate volatility, and trade policy reforms - shape firm behavior and economic outcomes.

My current work focuses on understanding the formation and role of inflation expectations, and more broadly, other policy-relevant questions in developing and emerging economies. Across projects, I am particularly interested in how information, beliefs, and uncertainty translate into real economic decisions.

I completed my undergraduate studies at the Lahore University of Management Sciences (Pakistan) and earned my PhD in Economics from the University of Southern California. Prior to joining Wilfrid Laurier University, I taught undergraduate economics at the University of Waterloo.

• "Trade Misreporting: Exchange Rate Movements and Tariff Evasion by Firms", with Karrar Hussain, forthcoming Oxford Economic Papers. [Latest draft]

• "News Shocks, Consumer Confidence, and Business Cycles", with Syed M. Hussain, Economica, 2026, 1–29. [Open access]

• "Keeping the Enemies Closer? Exporting Behaviour of Firms under Conflict," with Karrar Hussain, The Journal of Development Studies, 2025. [Latest draft] [VoxDev]

• ​“Trade Misreporting: Evidence from Pakistani Importers,” with Bilal M. Khan and Karrar Hussain, The World Economy, 2023. https://doi.org/10.1111/twec.13398 [PDF]

• ​"Asymmetric Effects of Private Debt on Income Growth," with Muhammad Farid Ahmed, The B.E. Journal of Macroeconomics, 2022. https://doi.org/10.1515/bejm-2022-0004 [PDF]

• “On-the-match price renegotiation: Evidence from Pakistan’s import data,” with Bilal M. Khan and Karrar Hussain, Economics Letters, 2021, Vol. 202. [PDF]

• “En route to the world: understanding firms that solely export,” with Karrar Hussain, Economics Bulletin, 2020, Vol. 40(4). [Published version]

• “The long-term consequences of external debt: Revisiting the evidence and inspecting the mechanism using panel VARs,” with Irfan Qureshi, Journal of Macroeconomics, March 2020, Vol. 63. [PDF]

• “Providing a Safe Working Environment: Do Firm Ownership and Exporting Status Matter?” Asian Development Review, September 2019. [PDF]

• ​“Does government debt crowd out capital formation? A dynamic approach using panel VAR,” Economics Letters, May 2019, Vol. 178, pp. 86-90. [PDF]

• ​“Differing Impact of Liberalization: The Case of Vertically Integrated Clothing Firms,” The Pakistan Development Review, 2018, Vol. 57 No.3, pp. 283–306 [Published version]

• ​“Understanding Canada’s International Trade under the Trans-Pacific Partnership: Lessons from Gravity Redux,” Canadian Public Policy, 2017, Vol. 43 No.3, pp. 284-297.

• ​“When Do Firms Choose to Train? The Roles of Labor Regulations, Their Enforcement, and Firm and Industry Characteristics,” with Jeffrey B. Nugent, The Journal of Development Studies, 2016, Vol. 52 No. 2, pp. 224-241.

• “Under-provision of Private Training by MENA Firms: What to do about it?” with Jeffrey B. Nugent, IZA Journal of Labor and Development, 2015, Vol. 4 No. 12. [Open access]

• “The End of Multi-Fibre Arrangement and Firm Performance in the Textile Industry: New Evidence,” The Pakistan Development Review, 2014, Vol. 52 No. 2, pp. 97-126. [PDF]

• The economic consequences of conflict for exporting firms, VoxDev, 2025.
• Crafting a Competitive Advantage for Pakistani Exporters, MHRC Pakistan Dialogues, 2024.
• Why COVID-19 is an inequality virus, Policy Options, April 30, 2021.
• Learning from the 2017 softwood lumber dispute, Policy Options, February 13, 2018.
• TPP 2.0 a complex solution for challenging times, Policy Options, August 7, 2017.