The monetary transmission mechanism in Pakistan: a sectoral analysis
Tasneem Alam () and
Muhammad Waheed ()
Authors registered in the RePEc Author Service: Shamsul Alam ()
MPRA Paper from University Library of Munich, Germany
The present paper takes a first step in investigating the monetary transmission mechanism in Pakistan at a sectoral level. Using quarterly data spanning from 1973:1 to 2003:4, we examine whether monetary policy shocks have different sectoral effects. Taking note of structural transformation of the economy and the monetary and financial reforms during 1990s, we also assess whether the reform process has notable impact on the monetary transmission mechanism. We find evidence supporting sector-specific variation in the real effects of monetary policy. Our results also suggest significant changes in the transmission of monetary shock to real sector of the economy during post-reform period.
Keywords: Monetary transmission mechanism; VAR; Pakistan; Sectoral analysis (search for similar items in EconPapers)
JEL-codes: C22 E52 (search for similar items in EconPapers)
Date: 2006-09, Revised 2007-04-13
New Economics Papers: this item is included in nep-cwa, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:2719
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