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Financial Market Reform in Pakistan

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  • Nadeem Ul Haque

    (International Monetary Fund, Washington, D.C., USA.)

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    Abstract

    The paper argues that the finance diménsion of economic development has often been treated as an afterthought by researchers and politicians alike, because it is considered to be too "sophisticated" to matter for "simple" economies. The role of the financial sector was considered to be primarily for mobilising resources to increase growth. However, experience has also revealed that financial development, including stock market development, is correlated with current and future economic growth, capital accumulation, and productivity improvements. It is suggested that a strategy for financial market development in emerging economies is better evolved from the perspective of the "functions" of financial markets as envisaged in modern financial literature. It is also argued that financial sector policies in emerging economies should focus on enhancing, rather than inhibiting, the multiple roles of financial markets.

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    File URL: http://www.pide.org.pk/pdf/PDR/1997/Volume4/839-854.pdf
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    Bibliographic Info

    Article provided by Pakistan Institute of Development Economics in its journal The Pakistan Development Review.

    Volume (Year): 36 (1997)
    Issue (Month): 4 ()
    Pages: 839-854

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    Handle: RePEc:pid:journl:v:36:y:1997:i:4:p:839-854

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    References

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    1. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
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    Cited by:
    1. Daniel C. Hardy, 2001. "Profitability and Pricing in Treasury Bill Auctions: Evidence from Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 40(1), pages 27-48.
    2. Bonaccorsi di Patti, Emilia & Hardy, Daniel C., 2005. "Financial sector liberalization, bank privatization, and efficiency: Evidence from Pakistan," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 2381-2406, August.
    3. Jaffry, Shabbar & Ghulam, Yaseen & Cox, Joe, 2013. "Trends in efficiency in response to regulatory reforms: The case of Indian and Pakistani commercial banks," European Journal of Operational Research, Elsevier, vol. 226(1), pages 122-131.
    4. Ahmad, Usman & Farooq, Shujaat & Jalil, Hafiz Hanzla, 2009. "Efficiency Dynamics and Financial Reforms: Case Study of Pakistani Banks," MPRA Paper 15054, University Library of Munich, Germany.

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