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Monetary and Fiscal Policy Coordination

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  • Hanif, Muhammad N.
  • Arby, Muhammad Farooq

Abstract

Macroeconomic policies are meant to achieve non-inflationary, stable growth. There are two major groups of policy instruments to achieve the purpose; one is related to monetary conditions and the other to fiscal conditions. Monetary instruments are employed by the central bank and fiscal instruments are employed by ministry of finance. The objectives and implications of policy measures taken by the two institutions often conflict with each other and thus call for policy coordination for effective implementation of policy decisions to achieve the set targets. The policy coordination has to be supported by concrete institutional and operating arrangements like monetary and fiscal coordination board. In Pakistan there was no concept of such policy coordination before financial sector reforms which were initiated in 1989-90. This financial reforms and restructuring process necessitated the monetary and financial policy coordination and a monetary and fiscal policy coordination board has been established in Pakistan

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 10307.

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Date of creation: 2003
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Handle: RePEc:pra:mprapa:10307

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  1. Tabellini, Guido, 1986. "Money, debt and deficits in a dynamic game," Journal of Economic Dynamics and Control, Elsevier, vol. 10(4), pages 427-442, December.
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Cited by:
  1. Muhammad Ali Nasir & Alaa M. Soliman, 2014. "Aspects of Macroeconomic Policy Combinations and Their Effects on Financial Markets," Economic Issues Journal Articles, Economic Issues, vol. 19(1), pages 95-118, March.
  2. Damir Šehović, 2013. "General Aspects of Monetary and Fiscal Policy Coordination," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 2(3), pages 5-27.
  3. Arby, Muhammad Farooq & Hanif, Muhammad Nadeem, 2010. "Monetary and fiscal policies coordination - Pakistan's experience," MPRA Paper 24160, University Library of Munich, Germany.

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