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Pakistan: Breaking Out of Stagflation into Sustained Growth

  • 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)

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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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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  1. 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.
  2. repec:pid:wpaper:2010:2 is not listed on IDEAS
  3. Rashid Amjad & Musleh ud Din, 2010. "Economic and Social Impact of Global Financial Crisis: Implications for Macroeconomic and Development Policies in South Asia," PIDE Monograph Series 2010:2, Pakistan Institute of Development Economics.
  4. Arshad Khan, Muhammad & Qayyum, Abdul, 2007. "Trade,Financial and Growth Nexus in Pakistan," MPRA Paper 6523, University Library of Munich, Germany.
  5. 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.
  6. Abdul Qayyum & Sajawal Khan & Idrees Khawaja, 2005. "Interest Rate Pass-through in Pakistan: Evidence from Transfer Function Approach," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 44(4), pages 975-1001.
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