SBP Working Paper Series

From State Bank of Pakistan, Research Department
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113: Effects of Monetary Policy on Stability and Asset Quality of the Banks in Pakistan

Sajjad Zaheer and Muhammad Arby

112: What Explains the Volatility in Pakistan’s Sovereign Bond Yields?

Mohsin Waheed and Zulfiqar Hyder

111: Time-Frequency Analysis of Determinants of Inflation Rate in Pakistan

Muhammad Hanif, Sajjad Zaheer and Iqbal Javed

110: Does the source of the oil price shock matter for inflation in Pakistan: Implications for monetary policy

Naafey Sardar and Zulfiqar Hyder

109: Monetary Policy Effectiveness in Pakistan:An In-depth Analysis of Four Transmission Channels

Fida Hussain, Fayyaz Hussain and Kalim Hyder

108: Fiscal Determinants of Inflation in Pakistan

Bilal Raza and Khurram S Mughal

107: Balance of Payments Constrained Growth in Pakistan - Implications for Development Policy

Bilal Raza

106: Do Workers'Remittances Promote Economic Growth in Pakistan?

Sarmad Ellahi and Muhammad Omer

105: Response of Deposits to Fixation of Minimum Rate of Return: Evidence from Pakistan’s Banking System

Muhammad Ejaz

104: Estimation of Medium Term Inflation Target for Pakistan

Fayyaz Hussain and Muhammad Rehman

103: Estimation and Forecasting of Industrial Production Index

Muhammad Ejaz and Javed Iqbal

102: Denoised Inflation: A New Measure of Core Inflation

Muhammad Hanif, Javed Iqbal, Syed Hamza Ali and Muhammad Salam

101: An Anatomy of Credit Booms in Pakistan: Evidence from Macro Aggregates and Firm Level Data

Muhammad Ejaz and Muhammad Hanif

100: Monetary Policy Pass-through, Excess Liquidity and Price Spillover: A Comparative Study of Conventional and Islamic Banks of Pakistan

Muhammad Omer

99: A Thick ANN Model for Forecasting Inflation

Muhammad Hanif, Khurrum Mughal and Javed Iqbal

98: Nowcasting LSM Growth in Pakistan

Fida Hussain, Kalim Hayder and Muhammad Rehman

97: Robust Quarterization of GDP and Determination of Business Cycle Dates for IGC Partner Countries

Abdullah Tahir, Jameel Ahmed and Waqas Ahmed

96: Estimating Elasticity of Transport Fuel Demand in Pakistan

Muhammad Omer

95: A Model for Forecasting and Policy Analysis in Pakistan: The Role of Government and External Sectors

Shahzad Ahmad, Waqas Ahmed, Ehsan Choudhri, Farooq Pasha and Abdullah Tahir

94: Threshold Inflation in Pakistan

Muhammad Arby and Amjad Ali

93: Predicting Inflation and Output in Pakistan: The Role of Yield Spread

Fida Hussain and Asif Mahmood

92: Measuring Competition in the Banking Sector of Pakistan: An Application of Boone Indicator

Mahmood ul Hasan Khan and Muhammad Hanif

91: A Formal Test of Competition in the Banking Sector of Pakistan: An Application of PR-H Statistic

Mahmood ul Hasan Khan and Muhammad Hanif

90: An Empirical Evaluation of ‘Structure-Conduct-Performance’ and ‘Efficient-Structure’ Paradigms in the Banking Sector of Pakistan

Mahmood ul Hasan Khan and Muhammad Hanif

89: Comparison of Various Business Cycle Models for Pakistan

Ali Choudhary, Sajawal Khan and Farooq Pasha

88: Fully Modified HP Filter

Muhammad Hanif, Javed Iqbal and Ali Choudhary

87: Performance Comparison of Modified HP Filter, Wavelet Analysis and Empirical Mode Decomposition for Smoothing Macroeconomic Time Series

Javed Iqbal and Muhammad Hanif

86: Estimating Liquidity Created by Banks in Pakistan

Sabahat Sabahat

85: Estimation of Output Gap for Pakistan

Abdullah Tahir and Waqas Ahmad

84: A Small Open Economy DSGE Model with Workers’ Remittances

Muhammad Rehman, Sajawal Khan and Zafar Hayat

83: Does Government Borrowing Crowd out Private Sector Credit in Pakistan

Sajjad Zaheer, Fatima Khaliq and Muhammad Rafiq

82: Do Ownership Structure and Market Power Matter in Interest Rate Pass-through? Evidence from Pakistan’s Bank Level Data

Syed Zulqernain Hussain and Mahmood ul Hasan Khan

81: Should Central Bank Forget Reserve Requirements? Assessment of Reserve Requirements in Transmitting SBP’s Policy Shocks to Retail Interest Rates and Exchange Rate

Muhammad Omer

80: Assessing Monetary Policy Effectiveness in Rich Data Environment

Muhammad Hanif and Javed Iqbal

79: Assessing the Role of Money versus Interest Rate in Pakistan

Zafar Hayat and Muhammad Hanif

78: Words Matter: A Textual Analysis of SBP’s Monetary Policy Reviews

Asif Mahmood and Muhammad Zuhair Munawar

77: The Dominant Borrower Syndrome: The Case of Pakistan

Sajawal Khan, Farooq Pasha, Muhammad Rehman and Ali Choudhary

76: Global Commodity Prices and Inflation in a Small Open Economy

Muhammad Hanif, Javed Iqbal and Imran Naveed Khan

75: Informal Labour Markets in Pakistan

Ali Choudhary, Saima Naeem and Gylfi Zoega

74: The Role of Money in Explaining Business Cycles for a Developing Economy: The Case of Pakistan

Shahzad Ahmad, Farooq Pasha and Muhammad Rehman

73: Monetary Policy Stance: Comparison of Different Measures for Pakistan

Muhammad Hanif, Sajawal Khan and Muhammad Rehman

72: Optimal Monetary Policy in the Presence of Sizable Informal Sector and Firm Level Credit Constraint

Waqas Ahmed, Sajawal Khan and Muhammad Rehman

71: Transmission of Volatility of Money Market Overnight Repo Rate along the Yield Curve in Pakistan

Asif Mahmood

70: Impact of Interbank Liquidity on Monetary Transmission Mechanism: A Case Study of Pakistan

Muhammad Omer, Jakob de Haan and Bert Scholtens

69: An Empirical Analysis of Excess Interbank Liquidity: A Case Study of Pakistan

Muhammad Omer, Jakob de Haan and Bert Scholtens

68: Quarterly Bayesian DSGE Model of Pakistan Economy with Informality

Waqas Ahmed, Muhammad Jahanzeb Malik and Muhammad Rehman

67: The Influence of Industry Financial Composition on the Exports from Pakistan

Aadil Nakhoda

66: A New Measure of Core Inflation in Pakistan

Riaz Riazuddin, Muhammad Amin Khan Lodhi, Muhammad Ashfaq and Behzad Ali Ahmad

65: Monetary Policy, Informality and Business Cycle Fluctuations in a Developing Economy Vulnerable to External Shocks

Adnan Haider, Musleh-ud Din and Ejaz Ghani

64: Foreign Aid, External Debt and Governance

Unbreen Qayyum, Musleh-ud Din and Adnan Haider