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Pakistan: Breaking Out of Stagflation into Sustained Growth

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  • Rashid Amjad Chaudhry

    ()
    (Pakistan Institute of Development Economics (P.I.D.E), Islamabad, Pakistan)

  • Musleh ud Din

    ()
    (Pakistan Institute of Development Economics (P.I.D.E), Islamabad, Pakistan)

  • Abdul Qayyum

    ()
    (Pakistan Institute of Development Economics (P.I.D.E), Islamabad, Pakistan)

Abstract

This paper proposes that the underlying cause of the macroeconomic problems facing Pakistan today are a series of supply shocks which have constrained output growth. It is argued that while the current debate has solely focused on government expenditures and revenues, it is critical to also address the acute energy shortages which is constraining supply. The paper goes on to present four recommendations for breaking out of the present stagflation: (i) prudent macroeconomic management, (ii) reviving the role of the government in development while restoring fiscal balance, (iii) loosening monetary policy in order to spur the private sector, and (iv) improving social safety nets.

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Bibliographic Info

Article provided by Department of Economics, The Lahore School of Economics in its journal Lahore Journal of Economics.

Volume (Year): 16 (2011)
Issue (Month): Special Edition (September)
Pages: 13-30

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Handle: RePEc:lje:journl:v:16:y:2011:i:sp:p:13-30

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Related research

Keywords: Economic Growth; Supply Shock; Pakistan.;

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  1. Qayyum, Abdul & Khan, Sajawal & Khawaja, Idrees, 2005. "Interest Rate Pass-through in Pakistan: Evidence from Transfer Function Approach," MPRA Paper 2056, University Library of Munich, Germany, revised 2005.
  2. Robert B. Barsky & Lutz Kilian, 2001. "Do We Really Know that Oil Caused the Great Stagflation? A Monetary Alternative," NBER Working Papers 8389, National Bureau of Economic Research, Inc.
  3. Brunner, Karl & Cukierman, Alex & Meltzer, Allan H., 1980. "Stagflation, persistent unemployment and the permanence of economic shocks," Journal of Monetary Economics, Elsevier, vol. 6(4), pages 467-492, October.
  4. repec:pid:wpaper:2010:2 is not listed on IDEAS
  5. Amjad, Rashid & Din, Musleh ud, 2010. "Economic and social impact of global financial crisis: implications for macroeconomic and development policies in South Asia," MPRA Paper 38150, University Library of Munich, Germany.
  6. Muhammad Arshad Khan & Muhammad Abdul Qayyum, 2007. "Trade, Financial and Growth Nexus in Pakistan," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2013), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 6, pages 1-24, December.
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Cited by:
  1. Amjad, Rashid, 2012. "Stagflation, the Labor Market Impact, and the Poverty Puzzle in Pakistan: A Preliminary Analysis," MPRA Paper 41976, University Library of Munich, Germany.
  2. Irfan ul Haque & Sahar Amjad, 2012. "Toward a Heterodox Approach: Reconciling Stabilization and Economic Growth in Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 17(Special E), pages 1-32, September.

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