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Fiscal Policy in Pakistan Since 1970

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  • International Monetary Fund

Abstract

The analysis in this paper suggests that the large fiscal deficits that Pakistan has experienced over most of the period since 1970 led to some crowding out of private investment, resulting in slower output growth than would otherwise have been observed. Past fiscal deficits have also resulted in a substantial accumulation of domestic and external debt. In addition, the possibilities for currency substitution that have been created by the removal of restrictions on capital flows from Pakistan, as well as on foreign currency holdings of domestic residents, may have limited the potential for collecting the inflation tax. Accordingly, continued effort is likely to be needed to attain a fiscal position that is sustainable over the medium term.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/97.

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Length: 38
Date of creation: 01 Nov 1992
Date of revision:
Handle: RePEc:imf:imfwpa:92/97

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Keywords: Budget deficits; fiscal deficit; inflation; fiscal policy; fiscal deficits; fiscal deficit reduction; rate of inflation; taxation; inflation tax; fiscal adjustment; budget constraint; tax revenues; macroeconomic performance; foreign debt; price level; fiscal performance; inflationary consequences; fiscal developments; primary deficit; inflation rate; real interest rate; increase in tax revenues; high inflation; primary fiscal deficit; real output; foreign currency; sustainable fiscal deficit; low inflation; public debt; foreign exchange; fiscal variables; fiscal control; inflation rates; aggregate demand; fiscal spending; debt service; defense spending; domestic indirect taxes; fiscal shocks; tax revenue; spending cuts; money supply; tax system; tax base; real interest rates; gdp deflator; fiscal position; monetary base; structural adjustment; fiscal stance; fiscal measures; fiscal expansion; fiscal discipline; fiscal system; lower inflation; foreign borrowing; low rate of inflation; tax administration; discretionary fiscal policy; higher rate of inflation; public expenditure; macroeconomic crises; tax increase; sustainable ? fiscal deficit; nominal interest rates; public sector expenditures; money stock; tax structure; rational expectations; inflationary pressures; expenditure cuts; public expenditures; government expenditures; tax rates; government expenditure; relative price; monetary policy; government spending; money growth;

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