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Monetary and Fiscal Policies Coordination: Pakistan’s Experience

Muhammad Arby () and Muhammad Hanif ()

SBP Research Bulletin, 2010, vol. 6, 3-13

Abstract: The paper explores how the monetary and fiscal policies have coordinated with each other in Pakistan. It argues that monetary and fiscal policies have been executed independently throughout the study period that is 1964-65 to 2008-09 and there have been very few instances of coordination between the two policies while addressing prevailing economic conditions. The paper does not find any difference between the behavior of monetary and fiscal policies before and after the establishment of Monetary and Fiscal Policies Coordination Board in 1994. Whatever instances of coordination were found were clustered in military regimes; which may be one of the reasons of macroeconomic stability in such regimes.

Keywords: monetary policy; fiscal policy (search for similar items in EconPapers)
JEL-codes: E61 H30 (search for similar items in EconPapers)
Date: 2010
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