| Description |
1 online resource (38 pages) |
| Series |
IMF working paper, 2227-8885 ; WP/04/167 |
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IMF working paper ; WP/04/167.
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| Contents |
""Contents""; ""I. INTRODUCTION""; ""II. FOREIGN CURRENCY DEPOSITS, FISCAL DEFICITS, AND EXTERNAL DEBT""; ""III. FOREIGN CURRENCY DEPOSITS AND THE CONSTRAINTS ON FINANCIAL POLICIES""; ""IV. FCDS AND THE USE OF NATIONAL SAVINGS FOR DOMESTIC INVESTMENT""; ""V. CONCLUSIONS""; ""APPENDIX I CABALLERO- KRISHNAMURTHY MODEL""; ""REFERENCES"" |
| Summary |
This paper studies the implications of foreign currency deposits (FCDs) for international liquidity shortages in Pakistan. The analysis focuses on how the large volume of FCDs and the specific institutional characteristics of those deposits have made the Pakistan economy highly vulnerable to exogenous shocks. The analysis shows that FCDs created another channel for government borrowing, and fiscal sustainability in a "closed" system may be very different from sustainability in a more "open" system. There is a need to think of these issues in terms of total balance sheet vulnerability, and we recommend measures that would make domestic-currency-denominated assets attractive to investors |
| Bibliography |
Includes bibliographical references |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Foreign exchange -- Pakistan
|
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Banks and banking -- Pakistan
|
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Monetary policy -- Pakistan
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Debts, Public -- Pakistan
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Banks and banking
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Debts, Public
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Foreign exchange
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Monetary policy
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Pakistan
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| Form |
Electronic book
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| Author |
Zaidi, Iqbal, author
|
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International Monetary Fund. Office of the Executive Director for Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan and Tunisia, issuing body
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| ISBN |
1282026577 |
|
9781282026575 |
|
9781451903461 |
|
1451903464 |
|
9781451858211 |
|
1451858213 |
| ISSN |
2227-8885 |
|
