External Shocks and Domestic Adjustment: Pakistan's Case (1970-1990)

External Shocks and Domestic Adjustment: Pakistan's Case (1970-1990)

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Overview

Looking closely at the connection between external economic shocks and domestic adjustments in Pakistan during two financially turbulent decades, this book traces the origin of recurring external payment problems due to a lack of adequate domestic adjustments. Such problems are primarily caused, according to the authors, by abrupt changes in the behavior of international goods and capital markets.

Product Details

ISBN-13: 9780195776911
Publisher: Oxford University Press, USA
Publication date: 07/31/1997
Series: UGC Series in Economics Series
Pages: 142
Product dimensions: 5.50(w) x 8.50(h) x 0.50(d)

Table of Contents

Foreword xi
1. Introduction
1(16)
The Objective of the Study
1(3)
The Core Relationships
4(1)
A Historical Perspective
5(12)
THE BALANCE-OF-PAYMENTS PROBLEM 17(30)
2. Trade and Financial Linkages with the Rest of the World
17(15)
The Balance-of-Payments Situation
20(3)
The Aid-to-Pakistan Consortium
23(3)
Merchandise Trade
26(3)
The Burden of External Debt
29(3)
3. External Shocks and the Balance of Payments
32(15)
The Methodology
33(1)
The Results
34(4)
Capital Outflow and Net Acquisition of External Assets
38(1)
The Definition of Private Capital Outflow
39(3)
Estimates of Private Capital Outflow
42(5)
THE ACCUMULATION BEHAVIOUR OF INSTITUTIONAL AGENTS 47(18)
4. The Accumulation Behaviour of Institutional Agents
47(18)
The Capital Accounts of Institutional Agents
47(3)
The Saving Behaviour of Institutional Agents
50(5)
The Determinants of the Saving and Investment Behaviour of Institutional Agents
55(3)
The Determinants of Investment
58(7)
FINANCIAL INTERMEDIATION AND DOMESTIC ADJUSTMENT 65(30)
5. The Institutional Framework
65(11)
The Financial System in Pakistan
65(7)
Credit Allocation
72(1)
The Capital Market
73(3)
6. The Flow of Funds Accounts
76(19)
The Framework of the Flow of Funds Accounts
76(3)
Intersectoral Flows
79(6)
Gross Savings, Real Investment, and Net Financial Investment
85(3)
Adjusting to Public Sector Deficits
88(7)
POLICY REGIMES 95(12)
7. External Shocks and the Efficiency of Policy Regimes
95(12)
Period I: 1970-1977
96(3)
Period II: 1978-1986
99(3)
Period III: 1987-1990
102(5)
CONCLUSIONS 107(12)
8. Conclusions
107(12)
Notes 119(5)
References 124(5)
Index 129

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