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The dynamic relationship between bilateral exports demand for Pakistan and exchange rate volatility as well as some selected explanatory variables with six major trading partners’ countries, namely, USA, UK, Japan, Saudi Arabia, Germany... more
The dynamic relationship between bilateral exports demand for Pakistan and exchange rate volatility as well as some selected explanatory variables with six major trading partners’ countries, namely, USA, UK, Japan, Saudi Arabia, Germany and UAE, has been examined during 1982Q1 to 2013Q2. The autoregressive distributed lag (ARDL) bound testing approach suggests a stable long-run relationship among selected explanatory variables over the sample period from Pakistan’s bilateral exports to each of its chosen trading partner except Japan. The result suggests that exchange rate volatility adversely affects the demand for Pakistani exports to USA but it positively affects demand for Pakistani exports to Germany in the long run. The short-run causality analysis of ARDL demonstrates that exchange rate volatility causes demand for Pakistani exports in USA and UK adversely, while in case of Germany it causes positively. For Saudi Arabia and UAE, real effective exchange rate volatility does not...
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This paper presents an index of institutionalized social technologies for Pakistan, covering its two main dimensions namely Risk reducing technologies and Anti Rent seeking technologies and in turn covers several social, institutional,... more
This paper presents an index of institutionalized social technologies for Pakistan, covering its two main dimensions namely Risk reducing technologies and Anti Rent seeking technologies and in turn covers several social, institutional, political and economic aspects. It is also analyzed empirically whether the overall index as well as sub-indexes constructed to measure the single dimensions affects economic growth. The results show that over all, institutions promote growth in long run for Pakistan. Therefore, for a policy implication, success of any policy could be influenced by the soundness of institutions.
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In the wake of the liberalised trade regime, Pakistan is undergoing structural adjustments. At the heart of the adjustments is liberalisation of markets and prices, including freeing the currency market, reducing industrial protection,... more
In the wake of the liberalised trade regime, Pakistan is undergoing structural adjustments. At the heart of the adjustments is liberalisation of markets and prices, including freeing the currency market, reducing industrial protection, and introducing financial austerity and macroeconomic stability. The agricultural sector is also undergoing these changes, which include eliminating export taxes and other trade restrictions and reducing producer subsidies (input and output subsidies). Such changes in the sector are critical as agriculture is the largest sector of Pakistan economy.
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In the recent years, the ‘black economy ’ has held enormous appeal for policy makers. Presence of black economy creates critical misrepresentation of macroeconomic variables in official estimates that lead to the false determination and... more
In the recent years, the ‘black economy ’ has held enormous appeal for policy makers. Presence of black economy creates critical misrepresentation of macroeconomic variables in official estimates that lead to the false determination and delusional impact of economic policies. Similarly, black economy represents the unrecorded potential of the economy vis-à-vis resource generation and mobilization. The Economy of Pakistan underwent several minor tax reforms since 1960’s. However, the tax and tariff reform of 1990’s, committed under international pressure, was the first comprehensive exercise and therefore it becomes highly desirable to gauge its impact on the black economy and tax evasion practices. This paper, with some modifications, uses the standard monetary approach to obtain the latest estimates of the size of black economy and its macroeconomic implications thereof. ∗A refined version of this paper has been accepted for publication in “Economic Issues”, upcoming in March’08.
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This study is an empirical investigation of aggregate consumption function under the permanent income hypothesis for Pakistan based on Cagan (1956) and Gujarati and Porter (2009) methodologies. The study employs the annual time series... more
This study is an empirical investigation of aggregate consumption function under the permanent income hypothesis for Pakistan based on Cagan (1956) and Gujarati and Porter (2009) methodologies. The study employs the annual time series data of real per-capita aggregate consumption and real per-capita income during 1973 to 2015. Results of the study reveal that in short-run a unit increase in per-capita income will increase the per-capita consumption by Rs.0.74 which is the short-run MPC, while the long-run MPC out of income is 0.78. The coefficient of adaptive expectation term is positive, but insignificant; indicating that previous consumption has no significant impact on current consumption or there is no significant role of past consumption on the present consumption decisions. The insignificance of adaptive-expectation term rejects the existence of permanent-income hypothesis under adaptive expectation. Contrary to this, the significant positive effect of per-capita income suppor...
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The purpose of this paper is to find the determinant of tax buoyancy of developing countries. We have used 25 countries cross section data for the year 1998 to 2008 and used pooled least square method for result analysis. The result shows... more
The purpose of this paper is to find the determinant of tax buoyancy of developing countries. We have used 25 countries cross section data for the year 1998 to 2008 and used pooled least square method for result analysis. The result shows that import, manufacturing sector, services sector, monetization and budget deficit influence positively the tax buoyancy while growth in grants impact negatively on tax buoyancy. The growth of agriculture sector has insignificant impact on tax buoyancy in case of developing countries because they are not taxed or under taxed.
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An attempt has been made to explore the determinants of public investment in agricultural extension services in Pakistan. We find empirical support for the efficiency model as against the interest group model in agricultural extension... more
An attempt has been made to explore the determinants of public investment in agricultural extension services in Pakistan. We find empirical support for the efficiency model as against the interest group model in agricultural extension services. The study concludes that medium size farmers demand more agricultural extension services as against large and small farmers. Moreover, owner operators also demand more agricultural extension services as compared with tenants. We also find that education in Pakistan can complement agricultural extension services due to low education level of the farmer.
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Pakistan has been following an agenda of economic reform encompassing a broad range of structural adjustment policies (SAP) since 1987-88. These policies have an adverse impact on the pace of economic growth and are a cause of higher... more
Pakistan has been following an agenda of economic reform encompassing a broad range of structural adjustment policies (SAP) since 1987-88. These policies have an adverse impact on the pace of economic growth and are a cause of higher poverty and inequality in the country (see Bengali and Ahmed (2002), Kemal (2003)). The impact of structural adjustment programme on total factor productivity is generally ignored. While the popular belief is that SAP results in low growth in factor inputs, which causes the low economic growth. This paper argues that decline in the growth of total factor productivity is the main cause of low economic growth. The present paper is the first attempt in Pakistan to establish the link between structural adjustment policies and total factor productivity and to quantify the impact of these policies on total factor productivity over the time. This paper compares the average growth rates in GDP, factor inputs and total factor productivity during pre-reform perio...
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This paper explores the short and long run dynamics of inflation in Pakistan using Johansen Co-integration Technique covering data from 1972-73 to 2012-13. Consumer Price Index (CPI), Exchange Rate (ER), Government Borrowing (GB),... more
This paper explores the short and long run dynamics of inflation in Pakistan using Johansen Co-integration Technique covering data from 1972-73 to 2012-13. Consumer Price Index (CPI), Exchange Rate (ER), Government Borrowing (GB), Non-Government Borrowing (NGB), Real GNP (RGNP), Indirect Taxes (IT), Growth Rate of Money Supply (GMS), Import Price Index (IPI), Real Demand relative to Real Supply (RD/RS) and Wheat Support Price (WSP) Money Supply (MS) are taken as indicators. The result shows a long run relationship among the selected variables. It is found that the ER is the most significant factor of inflation in 2011-12, GB, IT, GMS, IPI, RD/RS. It represents the output gap consist of fiscal policy inflation is highly significant.
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The role of productivity in accelerating the pace of economic growth is well recognized in economic literature and this paper shows that Pakistan’s case is no exception. The purpose of the paper was also to see the effect of government... more
The role of productivity in accelerating the pace of economic growth is well recognized in economic literature and this paper shows that Pakistan’s case is no exception. The purpose of the paper was also to see the effect of government fiscal policy, monetary policy and other economic measures on TFP. It shows that these policies affect TFP through human capital endowments of employed labor force, providing better physical infrastructure and other facilitation to incorporate technology in the production process. Using data of the Pakistan economy from 1973 to 2006 both at aggregate and dis-aggregated levels i.e. Agriculture, Manufacturing, Construction, Electricity and Gas, and Other Sectors, the paper has tried to explain TFP for seven sub-periods equally divided into five years.
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Capital can move inside and outside the boundaries of a country in search of the highest financial return and greatest security for its operation in the host regions. High return from investment is linked with the incentive mechanism... more
Capital can move inside and outside the boundaries of a country in search of the highest financial return and greatest security for its operation in the host regions. High return from investment is linked with the incentive mechanism offered by the host country in attracting FDI to fill the investment gap and diffusion of other skills. To attract the foreign investors, the successive governments in Pakistan, offered various investment incentives in the form of tax concessions (tax expenditure) and direct expenditure on infrastructural provisions. The taxation policy of Pakistan has great relevance for Transnational Corporation’s (TNC) involvement in production activities. It is perceived to be a significantly influential factor in determining the inflow of foreign investment through the cost of capital and the resulting after tax return. Stimulating foreign investment, mainly through the large TNCs, requires cost minimising devices, which are reflected in fixed cost of a long-term i...
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Monetary policy, in general, refers to those steps taken by the Central Bank to achieve such broader objectives of the economy as growth, employment, external balance and price stability through changes in the money supply, interest rates... more
Monetary policy, in general, refers to those steps taken by the Central Bank to achieve such broader objectives of the economy as growth, employment, external balance and price stability through changes in the money supply, interest rates and credit policies. The money supply thus created by the Central Bank should be in response to the changes in key macroeconomic target variables such as GNP, balance of payments, inflation, internal debt and unemployment. Indeed, a properly estimated monetary policy reaction function can provide useful information regarding such matters as to whether the Central Bank, in fact, has been systematically accommodating to the changes in the target variables. The reaction function can also provide insight into the question as to what should be the relevant indicators of the monetary policy. In addition, as argued by Havrilesky (1967), it may also play a crucial role in the formulation of long-term monetary policy strategy. The other important considerat...
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The Government of Pakistan, like many other developing countries, has opted for tax holidays as an important fiscal measure to encourage rapid industrialisation in the backward areas. This concession is also supplemented by several other... more
The Government of Pakistan, like many other developing countries, has opted for tax holidays as an important fiscal measure to encourage rapid industrialisation in the backward areas. This concession is also supplemented by several other economic and non-economic measures including import duty, and depreciation allowances. Mintz (1990) discusses the efficacy of tax holidays in the presence of accelerated depreciation allowances concludes that tax holidays which are designed to increase capital formation may end up penalising capital formation. Mintz’s (1990) conclusion is based on the assumption that if the assets are long-lived, and the income tax system allows deductibility of accelerated depreciation but cannot be deferred, then the tax holidays, by preventing depreciation deduction in the early period may actually penalise investment during the tax holiday period. If on the other hand the depreciation allowance is deferred till the end of tax holiday period, the tax system is ge...
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Energy inflation has remained a significant topic in macroeconomic policy for the past few decades. This is due to several reasons pertaining to both demand and supply sides. In addition, the history of energy prices has also been... more
Energy inflation has remained a significant topic in macroeconomic policy for the past few decades. This is due to several reasons pertaining to both demand and supply sides. In addition, the history of energy prices has also been characterised by extreme volatilities, Hamilton (2008). This makes forecasting and modelling of energy prices difficult, nevertheless it is important to model and forecast energy prices in all economies. In this paper we have tried to identify the determinants of energy inflation in Pakistan. Energy products are a critical component in any economy, serving as a core input, particularly in manufacturing industries. Moreover, the demand for energy and fuel comes from households fuelling cars and kitchens for which other alternatives are not easily available. This renders the demand inelastic compared to any other good [Edelstein and Kilian (2009)], making economies vulnerable to supply and price shocks. The energy price inflation therefore through cost push ...
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Throughout the decade of the 1990s, major emphasis in Pakistan remained on fiscal reform as a part of the reform programmes undertaken by the various governments of Pakistan. Fiscal reform assumes significance considering the high budget... more
Throughout the decade of the 1990s, major emphasis in Pakistan remained on fiscal reform as a part of the reform programmes undertaken by the various governments of Pakistan. Fiscal reform assumes significance considering the high budget deficits that Pakistan has been experiencing. These have added to Pakistan’s total debt burden in general and external debt in particular. Increase in the burden of debt adds to debt-servicing expenditure which further feeds back into the issue of high fiscal deficit. Debt-servicing increased to almost 47 percent1 by the middle of the decade of 1990s and comprised 8.3 percent of the GDP, up from less than 1 percent mid-1960s. Pakistan’s external debt at over $32 billion2 in 1998 was 41 percent of its GNP which was amongst the highest in the South Asian region with India’s at 20 percent of GNP in the same year and Sri Lanka’s also at 41 percent3 of its GNP. In this paper, we attempt to explore the rationale behind the emphases on the improvement in b...
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Pakistan has initiated a comprehensive reforms efforts aiming at tracking the economy on a higher and sustainable economic growth, reduce level of poverty, reducing unemployment, raising their level of standard of living. These objective... more
Pakistan has initiated a comprehensive reforms efforts aiming at tracking the economy on a higher and sustainable economic growth, reduce level of poverty, reducing unemployment, raising their level of standard of living. These objective were to be achieved through a programme that would build on the macro-economic stability which encompasses structural reforms, trade liberalisation, privatisation, fiscal reforms and financial sector. This paper makes one of the early attempt to analyse the Pakistan stabilisation experiences. In Pakistan the stabilisation programme was started in 1988-89. In this paper we mainly examine the fiscal and monetary policy package since 1988 when the Pakistan committed to a set of conditionalities under the Structural Adjustment Programme of the IMF. The fundamental question that has risen was the relative efficacy of stabilisation oriented versus growth oriented policies on development and welfare. Admittedly, stabilisation and growth are not mutually ex...
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The purpose of this paper is to see whether any link can be found between the inter-governmental fiscal transfers and the deprivation index in the districts of Pakistan. The data for the study was collected from 98 districts of four... more
The purpose of this paper is to see whether any link can be found between the inter-governmental fiscal transfers and the deprivation index in the districts of Pakistan. The data for the study was collected from 98 districts of four provinces of Pakistan for the year 2003 and 2007. The results of the study shows the transfers have reduced deprivation across the board but unable to solve disparity issue. In fact the results show the extreme inequality (ratio of maximum to minimum) has increased over time but average disparity (coefficient of variation) gives mixed results. Keywords: Fiscal Federalism, Horizontal Inequity, Vertical Inequity, Intergovernmental Fiscal Transfer.
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This paper investigates relationship between institutional quality and economic performance in Pakistan using the Johansen-Juselius cointegration technique and the Granger causality test. The study results indicate that Institutions and... more
This paper investigates relationship between institutional quality and economic performance in Pakistan using the Johansen-Juselius cointegration technique and the Granger causality test. The study results indicate that Institutions and growth are cointegrated and thus exhibit a reliable long run relationship. The Granger causality test findings indicate that the causality between Institutions and growth is uni-directional.However, there is no short run causality from Institutions to growth and vice versa. Therefore, as a policy implication that institutional quality may cause to the sustainable increase in country’s income in the long run, and success of any policy could be influenced by the soundness of institutions.
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The Provincial Finance Commissions were constituted in all four provinces of Pakistan in 2001. The Commissions were asked to formulate a formula for the distribution of resources among the districts in their respective province. The... more
The Provincial Finance Commissions were constituted in all four provinces of Pakistan in 2001. The Commissions were asked to formulate a formula for the distribution of resources among the districts in their respective province. The formula includes both transfers- the development transfer and current transfers. The purposes of the current transfers are to ensure the maintainability of existing services at the districts level and of the development grants to minimise the intradistrict poverty and inter-districts income differential. In this paper we compute the Rank Correlation between the existing development grants transfer index and the deprivation index. This will help the policy-makers understood whether the transfers are fiscal need based or not? That is to highlight to what extent the existing development transfers are based on the existing level of deprivation in the districts. If not, then what can be done to make the transfers pro-poor. To assist the policy maker in this r...
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The various form of inflow of foreign capital (loans, FDI, grant and portfolio) was welcome in developing countries to bridge the gap between domestic saving and domestic investment and therefore, to accelerate growth [Chenery and Strout... more
The various form of inflow of foreign capital (loans, FDI, grant and portfolio) was welcome in developing countries to bridge the gap between domestic saving and domestic investment and therefore, to accelerate growth [Chenery and Strout (1966)]. Some other have been challenged the traditional view that foreign aid impedes domestic savings growth and mobilisation and have economic growth.1 Much attention have been paid in past 30 years, relationship between foreign capital flows and domestic saving, the main purpose of these studies have been determined whether in less developed countries foreign capital inflow and domestic saving are complementary or substitute. However, there is a controversy at theoretical and empirical levels, over the effects of foreign capital on both economic growth and national saving. A number of studies in Pakistan have been conducted during the early 1990s to examine the relationship between saving and foreign capital inflow.2 All studies shows the invers...
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International comparison of fiscal efforts of developing countries was a fascinating area of public finance in the 1960s and 1970s. The famous studies in this area were Harley (1965); Lotz and Morss (1967); Raja (1971); Raja et al. (1975)... more
International comparison of fiscal efforts of developing countries was a fascinating area of public finance in the 1960s and 1970s. The famous studies in this area were Harley (1965); Lotz and Morss (1967); Raja (1971); Raja et al. (1975) and Roy (1979). Most of these studies used ordinary least square (OLS) technique to estimate the determinants of the total tax to GDP ratio and the most common exogenous variables used by these studies were share of agriculture sector, share of industrial sector, share of foreign trade and per capita income. Some studies used the level of monetisation, somes used the. level of education and other used the level of urbanisation as exogenous variables in the estimation of tax potential of different developing countries. The present study instead of exploring the determinants of tax to GDP ratio attempts to explore the determinants of buoyancy of the taxes i.e. the total taxes, direct taxes and indirect taxes. The buoyancy of a tax measures the total ...
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An agenda of economic reform encompassing a broad range of structural adjustment policies (SAP) is underway in Pakistan since 1987-88. These policies have an adverse impact on the pace of economic growth and created more poverty and... more
An agenda of economic reform encompassing a broad range of structural adjustment policies (SAP) is underway in Pakistan since 1987-88. These policies have an adverse impact on the pace of economic growth and created more poverty and inequality in the country [see Bengali and Ahmed (2002); Kemal (2003)]. These studies argues that during the last fifteen years each government is trying to stabilise the economy even at the cost of economic growth and delivery of social services. The negative impact of stabilisation policies on economic growth of the country is reflected in the decline of GDP growth from an average annual growth of 4.6 percent during 1990s as compared to 6.5 percent during 1980s. Similarly, negligence of social services delivery is reflected in the recent UNDP Report (2003), which, show that the ranking of Pakistan has slipped from 136 to 141 along with the decline in many other social sector statistics. The top government officials now also recognise these facts and th...
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In the recent years the “black economy” has held immense attraction for academics as well as policy-makers. This is because the presence of the black economy is responsible for distortions in the official estimates of macro-economic... more
In the recent years the “black economy” has held immense attraction for academics as well as policy-makers. This is because the presence of the black economy is responsible for distortions in the official estimates of macro-economic variables like income generation, employment, rate of inflation, etc., and thus the possible effect on the economic policies cannot be ascertained properly. It, therefore, becomes imperative to investigate this area of research. Researchers have defined the underground economy in alternative ways. The underground economy defined by varied names like black, shadow, hidden, informal, clandestine, second, parallel economy has been divided in four categories for the use of a standard basis of classification [Feige (1990)].
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The present study investigated the impact of exchange rate volatility on Pakistan’s bilateral sectoral exports with its major trading partners, that is, USA, UK, Japan, Germany and Saudi Arabia. We have employed the multivariate... more
The present study investigated the impact of exchange rate volatility on Pakistan’s bilateral sectoral exports with its major trading partners, that is, USA, UK, Japan, Germany and Saudi Arabia. We have employed the multivariate co-integration test and found the presence of a long-run relationship amid the variables. The empirical evidence indicates that exchange rate volatility has consistent and favourable effect on sectoral exports of Pakistan in most of the cases. These sectoral exports’ results are considerably different from the results of aggregate and bilateral exports as the long-run elasticities for exchange rate volatility, regarding sectoral exports across countries, are all greater in magnitude as compared to aggregate and bilateral elasticities of exchange rate volatility, and some signs are also opposite (Alam & Ahmed, 2012). This concludes that the aggregate and bilateral aggregate exports data may weaken the effects of exchange rate volatility to statistically insig...
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This study investigates the role of the institutions as a determinant of foreign direct investment (FDI) in the case of Pakistan by applying the autoregressive distributed lag (ARDL) cointegration technique. The results demonstrate that... more
This study investigates the role of the institutions as a determinant of foreign direct investment (FDI) in the case of Pakistan by applying the autoregressive distributed lag (ARDL) cointegration technique. The results demonstrate that the institutional quality exerts long-run impact in determining the FDI inflows. The findings suggest that institutional quality is an important determinant of the FDI in Pakistan. The joint impact of institutional quality and trade openness is also significant and positively contribute to attract FDI in the short run as well as in the long run. The findings strongly support the hypothesis that simultaneous implementation of policy mix, that is, reducing trade barriers and improvement in institutional quality, play significant role in attracting FDI in a developing country like Pakistan.
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Research Interests: Economic Sociology, Economics, Natural Resources, Property Rights, Transaction Costs, and 15 morePrincipal Component Analysis, Energy, Social Capital, Risk, Institutions, World, Corruption, Normalization, Rent Seeking, Index, Theoretical Framework, Institutional Quality, Indexation, Environment, and weighting
Research Interests: Economic Sociology, Natural Resources, Property Rights, Economic Growth, Energy, and 15 moreSocial Capital, Risk, Growth, Institutions, Corruption, Rent Seeking, GMM, Index, Economic performance, Institutional Quality, Indexation, Two Dimensions, Environment, Conditional Convergence, and Econometric Model
ABSTRACT This study investigates short- and long-run bidirectional causality between institutional quality and sectoral-level FDI in Pakistan by using the ARDL technique. The results confirm that long-run bidirectional causality exists... more
ABSTRACT This study investigates short- and long-run bidirectional causality between institutional quality and sectoral-level FDI in Pakistan by using the ARDL technique. The results confirm that long-run bidirectional causality exists between institutional quality and aggregate FDI. The in-depth sectoral-level FDI analysis substantiates the presence of long-run bidirectional causality between institutional quality and FDI in services and manufacturing sectors, while no long-run causality is observed between institutional quality and FDI inflows in primary sector. Furthermore, the results in the study reveal short-run bidirectional causality only between institutional quality and manufacturing FDI and report insignificant short-run causal link between institutional quality and FDI in primary and services sectors. The overall findings of the study suggest that in the long-run institutional quality attract FDI and FDI inflows, particularly to manufacturing and services sectors, significantly enhance the quality of institutions in Pakistan.
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The present study estimated the import demand function for Pakistan covering quarterly period 1982:Q1 to 2008:Q2 by employing ARDL approach. The result from ARDL analysis, support the hypothesis that in Pakistan there exist a long run... more
The present study estimated the import demand function for Pakistan covering quarterly period 1982:Q1 to 2008:Q2 by employing ARDL approach. The result from ARDL analysis, support the hypothesis that in Pakistan there exist a long run relationship among, import demand, real economic growth, relative price of imports, real effective exchange rate and volatility of real effective exchange rate. It found that aggregate import demand is positively affected by real gross domestic product suggesting that import demand in Pakistan is growth driven. Further it found that relative price of imports may not decrease the import demand, which is quite obvious for growth driven economy. It also found that real depreciation of local currency and volatility of real effective exchange rate has no effect to decrease import demand in Pakistan in the long run. The evidence based on short run dynamic tends to indicate that real economic growth, relative price of imports, real effective exchange rate and...
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An agenda of economic reform encompassing a broad range of structural adjustment policies (SAP) is underway in Pakistan since 1987-88. These policies have an adverse impact on the pace of economic growth and created more poverty and... more
An agenda of economic reform encompassing a broad range of structural adjustment policies (SAP) is underway in Pakistan since 1987-88. These policies have an adverse impact on the pace of economic growth and created more poverty and inequality in the ...
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The purpose of this paper is to see whether any link can be found between the inter-governmental fiscal transfers and the deprivation index in the districts of Pakistan. The data for the study was collected from 98 districts of four... more
The purpose of this paper is to see whether any link can be found between the inter-governmental fiscal transfers and the deprivation index in the districts of Pakistan. The data for the study was collected from 98 districts of four provinces of Pakistan for the year 2003 ...
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The Provincial Finance Commissions were constituted in all four provinces of Pakistan in 2001. The Commissions were asked to formulate a formula for the distribution of resources among the districts in their respective province. The... more
The Provincial Finance Commissions were constituted in all four provinces of Pakistan in 2001. The Commissions were asked to formulate a formula for the distribution of resources among the districts in their respective province. The formula includes both transfers-the ...
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Abstract: The purpose of this paper is to find the determinant of tax buoyancy of developing countries. We have used 25 countries cross section data for the year 1998 to 2008 and used pooled least square method for result analysis. The... more
Abstract: The purpose of this paper is to find the determinant of tax buoyancy of developing countries. We have used 25 countries cross section data for the year 1998 to 2008 and used pooled least square method for result analysis. The result shows that import, ...
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1. INTRODUCTION Throughout the decade of the 1990s, major emphasis in Pakistan remained on fiscal reform as a part of the reform programmes undertaken by the various governments of Pakistan. Fiscal reform assumes significance considering... more
1. INTRODUCTION Throughout the decade of the 1990s, major emphasis in Pakistan remained on fiscal reform as a part of the reform programmes undertaken by the various governments of Pakistan. Fiscal reform assumes significance considering the high budget deficits that ...
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In Pakistan maintaining of external value of currency, balance of payment, saving and proper allocation of resources among sectors and region are not explicit objective of monetary policy. In practice the objective of monetary policy is... more
In Pakistan maintaining of external value of currency, balance of payment, saving and proper allocation of resources among sectors and region are not explicit objective of monetary policy. In practice the objective of monetary policy is confined to only two target ...