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Monetary and fiscal policies coordination - Pakistan's experience

  • Arby, Muhammad Farooq
  • Hanif, Muhammad Nadeem

The paper explores how the monetary and fiscal policies have coordinated with each other in Pakistan. It argues that monetary and fiscal policies have been executed independently throughout the study period that is 1964-65 to 2008-09 and there have been very few instances of coordination between the two policies while addressing prevailing economic conditions. The paper does not find any difference between the behavior of monetary and fiscal policies before and after the establishment of Monetary and Fiscal Policies Coordination Board in 1994. Whatever instances of coordination were found were clustered in military regimes; which may be one of the reasons of macroeconomic stability in such regimes.

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File URL: http://mpra.ub.uni-muenchen.de/24160/1/MPRA_paper_24160.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24160.

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Date of creation: 2010
Date of revision:
Publication status: Published in SBP Research Bulletin 1.6(2010): pp. 3-13
Handle: RePEc:pra:mprapa:24160
Contact details of provider: Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
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Web page: http://mpra.ub.uni-muenchen.de

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  1. Roel Beetsma & Lans Bovenberg, 2001. "Structural Distortions and Decentralized Fiscal Policies in EMU," CESifo Working Paper Series 473, CESifo Group Munich.
  2. Momi Dahan, 1998. "The Fiscal Effects of Monetary Policy," IMF Working Papers 98/66, International Monetary Fund.
  3. 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.
  4. MacKinnon, James G, 1996. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 601-18, Nov.-Dec..
  5. Marco Catenaro, 1999. "A Case for Fiscal Policy Co-ordination in Europe," Working Papers 23, University of Milano-Bicocca, Department of Economics, revised Jun 1999.
  6. Dixit, Avinash & Lambertini, Luisa, 2001. "Monetary-fiscal policy interactions and commitment versus discretion in a monetary union," European Economic Review, Elsevier, vol. 45(4-6), pages 977-987, May.
  7. Peter C.B. Phillips & Sam Ouliaris, 1987. "Asymptotic Properties of Residual Based Tests for Cointegration," Cowles Foundation Discussion Papers 847R, Cowles Foundation for Research in Economics, Yale University, revised Jul 1988.
  8. Hanif, Muhammad N. & Arby, Muhammad Farooq, 2003. "Monetary and Fiscal Policy Coordination," MPRA Paper 10307, University Library of Munich, Germany.
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