Items related to Monetary Policy Channels in Developing Economies: Theory...

Monetary Policy Channels in Developing Economies: Theory & Evidence: Exchange Rate Dominance, Productivity Effects, and Institutional Evolution in Pakistan's Transformation, 1960-2007 - Softcover

Hussain, Karrar

 
9786209435454: Monetary Policy Channels in Developing Economies: Theory & Evidence: Exchange Rate Dominance, Productivity Effects, and Institutional Evolution in Pakistan's Transformation, 1960-2007
Softcover
ISBN 10: 6209435459 ISBN 13: 9786209435454
Publisher: LAP LAMBERT Academic Publishing, 2026

Synopsis

This monograph examines Pakistan's monetary policy transformation from 1960 to 2007, analyzing the evolution from administrative controls to market-oriented frameworks through Vector Autoregression methodologies and institutional analysis. Three findings emerge. First, the exchange rate channel dominated monetary transmission, reflecting structural import dependence and shallow financial markets rather than conventional money supply mechanisms. Second, inflation significantly reduces labor productivity with 15-month lags, demonstrating monetary policy affects long-term growth beyond stabilization. Third, institutional development—central bank independence, financial liberalization, capacity building—proves essential for effectiveness. The research contributes methodological innovations while offering practical lessons: transformation requires patient institution building over decades; complementary fiscal and structural policies enhance effectiveness; political commitment must survive transitions; exchange rate management remains critical when constraints limit alternatives. Pakistan's experience demonstrates achievements through reform and persistent challenges for other nations.

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Publisher
LAP LAMBERT Academic Publishing
Publication date
2026
Language
English
ISBN 10 
6209435459
ISBN 13 
9786209435454
Binding
Paperback
Number of pages
160