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The Demand for Money In Pakistan

M.A. Akhtar
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M.A. Akhtar: Guilford College, USA

The Pakistan Development Review, 1974, vol. 13, issue 1, 40-54

Abstract: It is the purpose of this paper to present an empirical analysis of the demand function for money in Pakistan. Our empirical investigation is restricted to the period 1951-70. During this period (a) nominal income rose at an average yearly rate of 7.0 per cent; (b) nominal stock of money averaged a yearly increase of 7.9 or 9.7 per cent depending on whether money is defined exclusive or inclusive of time deposits, respectively; (c) the average rise in real income was 4.0 per cent but it fluctuated substantially from one year to another; (d) the yieid on long-term government bonds increased about 2.9 per cent per year but the short-term interest rate (call money rate) advanced more than 7.1 per cent; (e) prices were relatively stable and by any measure, averaged a yearly increase of less than 4.0 per cent.

Date: 1974
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