1,720,968 research outputs found
Yes, we need a central bank
Full text linkThe financial system of a country comprises entities engaged in transactions involving financial instruments in money, capital, and foreign exchange markets. This sector has strong linkages with other sectors of the economy like external, fiscal and real sectors. The apex financial institution in every country is its Central Bank and the State Bank of Pakistan functions as our Central Bank. Section 9A. 1. of the State Bank of Pakistan Act 1956 shoulders the function of securing the soundness of the financial system explicitly upon the Central Board of Directors of the Bank. Traditionally, it has been considered ideal to place banking supervision under the umbrella of Central Bank because this function is key to the conduct of monetary policy and financial stability oversight. Financial sector reforms and restructuring process started in the early 1990s. Objectives of reforms were to create a level playing field for financial institutions and markets for instilling competition, strengthening their governance and supervision, and adopting a market-based indirect system of monetary, exchange and credit management for better allocation of financial resources. Reforms covered seven important areas: financial liberalisation, institutional strengthening, domestic debt management, monetary management, banking law, foreign exchange, and capital market.Central bank
Monetary Policy Experience of Pakistan
Full text linkUsing monetary policy rate and/or changes in certain liquidity ratios, State Bank of Pakistan influences cost and/or availability of money and credit in the country to achieve (government announced) inflation target without being prejudice to real economic growth target. Earlier, SBP had been following monetary aggregate targeting to achieve its objectives. Reserve money had been used as an operational target. After weakening of broad money growth and inflation relation (as a result of financial sector reforms and restructuring), SBP transferred the operational target to the overnight money market repo rate. Various monetary conditions indicators are used to decide on the direction and magnitude of monetary policy stance. Budget deficit (with its financing mix), money supply (with its composition), local currency prices of imported goods, wheat support price, and expected (higher) inflation play an significant role in generating inflation while real income growth, and (international trade) openness help dampening it. Inflation in Pakistan has been found equals to rate of broad money growth minus the real output growth which simply shows inflation in Pakistan has mainly been a monetary phenomenon. Monetary policy has provided stable background for the economy as we saw standard deviations for inflation and broad money growth to be same during 1951-2010. Financial sector reforms and restructuring (after end 1980s) helped lower the (broad money growth and) inflation volatility in the country
A Note on Food Inflation in Pakistan
Full text linkFood inflation hurts poor more than rich as poor spend higher proportion of their income on food items compared to rich. Higher global food and crude oil prices in 2008 resulted in higher (than historical average) food inflation in Pakistan. Global food inflation caused food inflation in Pakistan. However, food inflation diffusion has been lower compared to non-food inflation in Pakistan. Food inflation volatility in Pakistan was found to be half of that observed in the world. Compared to global food inflation persistence, there is no evidence of food inflation persistence in Pakistan. However, within the food group, most of the goods which were manufactured exhibited inflation persistence. With the help of comparison of food inflation with wage increases for labour (after 2008 global commodity prices shock), the poor (labour class) was found to be at disadvantage
Yes, we need a central bank
Full text linkThe financial system of a country comprises entities engaged in transactions involving financial instruments in money, capital, and foreign exchange markets. This sector has strong linkages with other sectors of the economy like external, fiscal and real sectors. The apex financial institution in every country is its Central Bank and the State Bank of Pakistan functions as our Central Bank. Section 9A. 1. of the State Bank of Pakistan Act 1956 shoulders the function of securing the soundness of the financial system explicitly upon the Central Board of Directors of the Bank. Traditionally, it has been considered ideal to place banking supervision under the umbrella of Central Bank because this function is key to the conduct of monetary policy and financial stability oversight. Financial sector reforms and restructuring process started in the early 1990s. Objectives of reforms were to create a level playing field for financial institutions and markets for instilling competition, strengthening their governance and supervision, and adopting a market-based indirect system of monetary, exchange and credit management for better allocation of financial resources. Reforms covered seven important areas: financial liberalisation, institutional strengthening, domestic debt management, monetary management, banking law, foreign exchange, and capital market
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Measuring Standard Error of Inflation in Pakistan: A Stochastic Approach
Full text linkStochastic approach to index number (and its change) has recently attracted renewed attention of researchers as it provides the standard error of index number (and its change). One of the most important uses of index number is in the case of measurement of the general price level in an economy (and then inflation of course). In this study we estimate standard errors of month on month and year on year inflation in Pakistan under stochastic approach, following Clement and Izan (1987). We contribute in this study by providing mechanism and estimating the standard error of period average of YoY inflation and apply this to Pakistan data
Estimating standard error of inflation in Pakistan: A stochastic approach
Full text linkStochastic approach to index number (and its change) has recently attracted renewed attention of researchers as it provides the standard error of index number (and its change). One of the most important uses of index number is in the case of measurement of the general price level in an economy (and then inflation of course). In this study we estimate standard errors of month on month and year on year inflation in Pakistan under stochastic approach, following Clement and Izan (1987). We contribute in this study by providing mechanism and estimating the standard error of period average of YoY inflation and apply this to Pakistan data
Assessing the Role of Money versus Interest Rate in Pakistan
Full text linkWe have empirically examined the role of monetary aggregate(s)
vis-à-vis short-term interest rate as monetary policy instruments, and
the impact of State Bank of Pakistan’s transformation into the latter on
their relative effectiveness in terms of inflation in Pakistan. Using
indicators of ‘persistent changes’ in the underlying behaviours of
variables of interest, we found that broad money consistently explains
inflation in (i) monetary (ii) transitory and (iii) interest rate
regimes. Though its role has receded while moving from the transition to
the interest rate regime, the interest rate instrument seems to be
positively related to inflation, a phenomenon commonly known as price
puzzle. In light of these findings, we recommend that the role of money
should not be completely de-emphasised. JEL Classification: E31, E52.
Keywords: Monetary Policy Instruments, Price Puzzle, ARDL, Pakista
- …
