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An Analysis of Macroeconomic State and Prospects of Pakistan during Recent Global Financial Turmoil

  • Mahmood, Haroon
  • Rehman, Kashif-ur-

The overall economic situation of the world is facing a threat with a deep and prolonged recession as the consequence of the squeeze in the fiscal system which was triggered by housing mortgage crisis in the United States. The importunate financial ramification of the worldwide macroeconomic inequality smoothed the progress of the expansion of the housing fizz with the amplification of toxic assets that burst in September 2008 as many of the major investment and commercial banks and leasing institutions collapsed. This study aims to contribute in summarizing these events and the diffusion of this financial turmoil through the advanced economies like United States and the Eurozone to the developing economy of Pakistan. The paper analyzes specifically Pakistan’s current macroeconomic situation during this financial crisis. It also discusses the consequences of the surge in food and oil prices. This study also evaluates the government’s response to the deteriorating conditions and proposes a number of policy measures.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 49447.

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Date of creation: 25 Aug 2013
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Handle: RePEc:pra:mprapa:49447
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  1. Bruno, Michael & Easterly, William, 1995. "Inflation crises and long-run growth," Policy Research Working Paper Series 1517, The World Bank.
  2. Paul Davidson, 2006. "Can, or should, a central bank inflation target?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 689-703, July.
  3. Peter Kriesler & Marc Lavoie, 2007. "The New Consensus on Monetary Policy and its Post-Keynesian Critique," Review of Political Economy, Taylor & Francis Journals, vol. 19(3), pages 387-404.
  4. Theresa Chaudhry & Azam Chaudhry, 2008. "The Effects of Rising Food and Fuel Costs on Poverty in Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 13(Special E), pages 117-138, September.
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