State Bank of Pakistan

SBP Research Bulletin

Past Issues

State Bank of Pakistan Research Bulletin

Volume 12, Number 1, 2016

Title Page
Papers:	Authors

*Articles*
Transmission of Volatility of Money Market Overnight Repo Rate along the Yield Curve in Pakistan	Asif Mahmood

Intrinsic Inflation Persistence in a Developing Country	Muhammad Nadim Hanif, Muhammad Jahanzeb Malik, and Javed Iqbal

*Short Notes*
Measure of Financial Market Stress for Pakistan	Asif Mahmood and Syed Zulqernain Hussain

Data Uncertainty Implications for Policy-Formulation	Syed Zulqernain Hussain

Volume 11, Number 1, 2015

Title Page
Papers:	Authors

*Articles*
A Pragmatic Model for Monetary Policy Analysis I: The Case of Pakistan	Shahzad Ahmad and Farooq Pasha

Evaluating the Performance of Inflation Forecasting Models of Pakistan	Muhammad Nadim Hanif and Muhammad Jahanzeb Malik

*Short Notes*
Exports Performance of Pakistan: A Constant Market Share Analysis	Asif Mahmood

*Opinions*
The Quest for Dividends from Structural Change	M. Ali Choudhary and Farooq Pasha

Volume 10, Number 1, 2014

Title Page
Papers:	Authors

Articles
Cost Inefficiency in the Pakistan Banking Sector 2002-2009	Kent Matthews

The Influence of Industry Financial Composition on the Exports of Pakistan	Aadil Nakhoda

Short Notes
Tete-a-Tete with Arhtiyas	Abdul Faheem, Amna Saeed

Share of Imported goods in Consumption of Pakistan	Amjad Ali

Opinions
Municipal Finance	Saqib Sharif

Book Review
The Quest for Prosperity How Developing Economies Can Take Off by Justin Yifu Lin	Reviewed by Aqeel Ahmad

Fooled by Randomness: The Hidden Role of Chance in the Markets and in Life by Nassim Nicholas Taleb	Reviewed by Muhammad Rehman

Volume 9, Number 1, 2013

Title Page
Papers:	Authors

Articles
Quarterisation of National Income Accounts of Pakistan	M. Nadim Hanif Javed Iqbal M. Jahanzeb Malik

Environmental Regulation, Pollution and the Informal Economy	Ummad Mazhar and Ceyhun Elgin

Short Notes
The Behavior and Determinants of the Currency Deposit Ratio in Pakistan	G.H Khaskheli, Aqeel Ahmed and Kalim Hyder

Reconsidering Exchange Market Pressure Index in Pakistan	Nasir Hamid Rao

Opinions
Perspective on Systemic Risk Measurement	Nadeem Aftab

Book Review
Rethinking the Role of the State in Economic Development	M. Ali Choudhary

Volume 8, Number 1, 2012

Title Page
Papers:	Authors

Articles
Balance Sheet Channel of Monetary Transmission in Pakistan: An Empirical Investigation	Safia Shabbir

Determinants of Foreign Direct Investment Flows to Developing Countries	Fayyaz Hussain Constance Kabibi Kimuli

Procyclical Monetary Policy and Governance	M. Ali Choudhary Muhammad Nadim Hanif Sajawal Khan Muhammad Rehman

Opinions
Reserve Requirements: Current Practices and Potential Reforms	Fida Hussain

3G Mobile Spectrum – Issues & Prospects	Sabina Khurram Jafri

Book Review
Currency Wars: The Making of the Next Global Crisis by James Rickards	Reviewed by Muhammad Zeb

Volume 7, Number 2, 2011

Title
Papers:	Authors

Articles
Inflation and Relative Price Variability	Muhammad Akmal

Power, Profits and Inflation	Syed Ozair Ali
Opinion
Seigniorage Revenues in Pakistan	Nasir Hamid Rao

The Mismatch between Household Surveys and National Accounts Consumption Data	Muhammad Jahanzeb Malik

Book Review
My Life My Country: Memoirs of a Pakistani Economist by Parvez Hasan	Review by Muhammad Farooq Arby

Volume 7, Number 1, 2011

Title Page
Papers:	Authors
Editorial

The Causes of Economic Crisis in Pakistan and Its Remedial Measures	Muhammad Yaqub

Financial Sector Regulation in Pakistan: The Way Forward	Ishrat Husain

Managing Monetary and Regulatory Policy in the Post Crisis World	Shamshad Akhtar Mansoor Dailami

Revival of the Economy: Obstacles and Strategies	Sartaj Aziz

Pakistan’s Economic Challenges: Lessons from Other Country Experiences	Zubair Iqbal

Rethinking Monetary Policy Framework of State Bank of Pakistan	Ali-Kazim Zaidi Iqbal Zaidi

Household Leverage and the Recession of 2007 to 2009	Atif Mian Amir Sufi

Volume 6, Number 2, 2010

Title Page

Papers:	Authors
Pakistan’s Exports Demand: A Disaggregated Analysis	Fayyaz Hussain

What Drives Interest Rate Spreads of Commercial Banks in Pakistan? Empirical Evidence based on Panel Data	Mahmood ul Hasan Khan and Bilal Khan

Velocity of Money Functions in Pakistan and Lessons for Monetary Policy	Muhammad Omer

Opinion:
Monetary Overhang in Pakistan	Moinuddin

Book Review:
How Markets Fail: The Logic of Economic Calamities	John Cassidy (review: Mushtaq Ali Khan)

Volume 6, Number 1, 2010

Title Page
Papers:	Authors
Editor’s Note

Monetary and Fiscal Policies Coordination: Pakistan’s Experience	Muhammad Farooq Arby Muhammad Nadeem Hanif

The Impacts of Global Financial and Economic Crisis on African Economies: A Review	Abiodun Elijah Obayelu

Response of Long-term Interest Rate to Fiscal Imbalance: Evidence from Pakistan	Noor-e-Saher Mehran Herbert

What Explain Credit Defaults? A Comparative Study	Asghar Ali Kevin Daly

Back Cover

Volume 5, Number 2, 2009

Title Page
Articles:	Authors
Misalignment of Real Exchange Rate with its Equilibrium Path: Case of Pakistan	Shah Hussain
Exchange Rate Risk Exposure Related to Public Debt Portfolio of Pakistan: Application of Value-at-Risk Approaches	Farhan Akbar Thierry Chauveau
An Analysis of Degree of Competition in Banking Sector of Pakistan through a Direct Measure of Market Contestability	Mahmood ul Hasan Khan

Opinions:
Fallout of the Stand-By Arrangement on Pakistan’s Economy - Balance of Payments and Exchange Rate	Riaz Riazuddin

Book Review:
The Economics of Growth; Philippe Aghion and Peter Howitt	Shahid Hussain Javaid

Back Cover

Volume 5, Number 1, 2009

Title Page

Papers:	Authors
Editor’s Note
Choice of Monetary Policy Regime: Should the SBP Adopt Inflation Targeting?	Moinuddin
The Whys and Wherefores of Controlling Inflation	Peter Sinclair

Monetary Targeting in Pakistan: A Skeptical Note	Muhammad Omer and Omar Farooq Saqib

The 21st Century Neo-Wicksellian Monetary Ordere	Kevin Clinton

Does Pakistan Need To Adopt Inflation Targeting? Some Questionsoes	Jesus Felipe

Back Page

Volume 4, Number 1, 2008

Title Page

Papers:	Authors
Short Run Effects of an Unanticipated Change in Monetary Policy Interpreting Macroeconomic Dynamics in Pakistan	Mahmood-ul-Hasan Khan
Estimating Output Gap for Pakistan Economy Structural and Statistical Approaches	S. Adnan H. A. S. Bukhari and Safdar Ullah Khan
Technical Efficiency of the Banking Sector in Pakistan	Muhammad Akmal and Muhammad Saleem

Opinions:
A Note on Sustained Economic Growth for Pakistan	Waqas Ahmed and Safdar Ullah Khan

Back Page

Volume 3, Number 2, 2007

Title Page

Papers:	Authors
Monetary Conditions Index for Pakistan	Zulfiqar Hyder and Muhammad Mazhar Khan
Effectiveness of Foreign Exchange Intervention Evidence from Pakistan	Fayyaz Hussain and Abdul Jalil
An Empirical Investigation of Cost Efficiency in the Banking Sector of Pakistan	Muhammad Sadiq Ansari

Book Reviews
Introduction to Post Keynesian Economics	Marc Lovie, 2006, Palgrave Macmillan, New York, Pages 150 + XIV

Volume 3, Number 1, 2007

Editor’s Note

Keynote Address

Papers:	Authors
Developing Asia Pacific Non-government Fixed Income Markets	Jacob Gyntelberg
Development of Bond Markets in Emerging Market Economies	Suresh Menon
Bond Market Developments in Emerging Markets: Prospects and Challenges for Pakistan	Ahmed M. Khalid
Fixed Income Securities Shari’a Perspective	Muhammad Imran Usmani

Role of Securities Law in the Development of Domestic Corporate Bond Markets	Jamshed Y. Uppal

The Importance of Domestic InstitutionalInvestors in Pakistan’s Growing Bond Market	Marshall Mays
Fostering the Corporate Debt Market in Pakistan	Farhan Hameed
Developing Bond Market in Pakistan	Muhammad Arif
Concluding Remarks	Ahmed M. Khalid

Volume 2, Number 2, 2006

Title Page

Papers	Authors
Core Inflation Measures for Pakistan	Sadia Tahir
An Empirical Analysis of Fiscal Imbalances and Inflation in Pakistan	Asif Idrees Agha and Muhammad Saleem Khan
Determining Import Intensity of Exports for Pakistan	Sadia Bader
Macro Determinants of Total Factor Productivity in Pakistan	Safdar Ullah Khan

Opinions
The Effect of Privatization and Liberalization on Banking Sector Performance in Pakistan	Umer Khalid

Book Reviews
Inflation Targeting in the World Economy By Edwin M. Truman	Omar Farooq Saqib
Systemic Financial Crises: Containment and Resolution Edited by Patrick Honohan and Luc Laeven	Muhammad Nadeem Hanif

Volume 2, Number 1, 2006

Editor’s Note
Keynote Address by Dr. Ishrat Husain
Papers	Authors
Monetary Policy in a Small Emerging Economy: Exploring Desirable Interest Rate Rules by	Ehsan U. Choudhri
Comments	Muhammad Farooq Arby
Monetary-Exchange Rate Policy and Current Account Dynamics
Comments by	Riaz Riazuddin
How External Shocks and Exchange Rate Depreciations Affect Pakistan? Implications for Choice of an Exchange Rate Regim	Shaghil Ahmed Iffat Ara Kalim Hyder
Comments	Muhammad Nadeem Hanif
Choosing the Right Exchange Rate Regime for Pakistan	Aasim Husain
Comments	Najam Altaf
Exchange Rate Flexibility and the Monetary Policy Framework in Pakistan	Iqbal M. Zaidi
Comments	Abid Qamar
Is Inflation Targeting the Best Policy Choice for Emerging Economies? A Survey of Emerging Market Experiences and Lessons for Pakistan	Ahmed M. Khalid
Comments	M. Amin Khan Lodhi
Inflation Targeting in a Small Emerging Market Economy: The Case of Pakistan	Ather H. Akbari, Wimal Rankaduwa
Comments	Ather Elahi
Why the State Bank of Pakistan should not Adopt Inflation Targeting?	M. Aslam Chaudhry Munir A. S. Choudhary
Comments by Noor Ahmed
Inflation in Pakistan: Money or Wheat?	Mohsin S. Khan Axel Schimmelpfennig
Comments	Aftab Nadeem
Equilibrium Real Effective Exchange Rate and Exchange Rate Misalignment in Pakistan	Zulfiqar Hyder Adil Mahboob
Comments	Syed Sajid Ali
The Long-run and Short-run Endogeneity of Money Supply in Pakistan: An Empirical Investigation	Naved Ahmad, Fareed Ahmed
Comments	Muhammad Omer
Institutional Arrangements for Financial Sector Governance	Pervez Tahir
Comments	Sahar Z. Babar
Concluding Remarks	Shaghil Ahmed

Volume 1, Number 1, 2005

Title

Contents

Letter from the Governor

Articles

Opinions

Book Reviews

The End of Poverty: Economic Possibilities for Our Time By Jeffrey D. Sachs
Islamic Banking and Finance: Theory and Practice By Muhammad Ayub
Rural Development in South Asia By Jitendra Kumar Sharma


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