Overview

This book provides a historical record of the growth and development of banking in Pakistan. It chronicles important events in the field of monetary management and critiques monetary and fiscal policies pursued in Pakistan since independence. This edition contains a comprehensive analysis of the current situation of the financial and monetary system in Pakistan from 1947 till 2003. Part One presents the major schools of monetary theory and assesses their policy recommendations in the Pakistani context. Part Two describes the institutional structure, the impact of the financial sector on economic development, and assesses monetary policy. It also includes a review of several empirical studies on monetary and financial development in Pakistan. The fifth edition has been extensively revised and updated and includes; New material on the development of the theory of monetary policy since the 1990s and the theory and practice of central bank autonomy; New chapters on Marxist monetary theory and on the theory and practice of Islamic banking. This book covers graduate and undergraduate courses in Economics, Finance and Banking, and Business Studies. It also serves as a textbook for MBA, ICAP, IBP, and ICMAP course of studies. It is essential reading for those taking the Institute of Bankers and similar professional examinations. Policy-makers and researchers seeking a comprehensive overview of Pakistan's financial sector will find this new edition an essential reference.

Full Product Details

Author:   S. A. Meenai ,  Javed A. Ansari
Publisher:   OUP Pakistan
Imprint:   OUP Pakistan
Edition:   5th Revised edition
Dimensions:   Width: 24.00cm , Height: 1.20cm , Length: 18.00cm
Weight:   0.316kg
ISBN:  

9780195978063

ISBN 10:   0195978064
Pages:   230
Publication Date:   23 September 2004
Audience:   College/higher education ,  Tertiary & Higher Education
Replaced By:   9780195478099
Format:   Paperback
Publisher's Status:   Active
Availability:   Out of stock  
The supplier is temporarily out of stock of this item. It will be ordered for you on backorder and shipped when it becomes available.

Table of Contents

LIST OF FIGURES; LIST OF TABLES; HOW TO USE THIS BOOK; PREFACE (TO THE FIRST EDITION); ABBREVIATIONS; PART ONE: MONETARY THEORY AND POLICY; 1. Money: Its Nature and Functions; 1.1 Defining and Measuring Money; 1.2 The State Bank's Definition of Money; 2. Monetary Theory: The Classical Model; 2.1 Assumptions; 2.2 Quantity Theory of Money; 2.3 Money and the Real Economy; 2.4 Interest Rate Determination in the Classical Model; 3. The Marxist Theory of Money and Finance; 3.1 The Value Form; 3.2 The Functions of Money; 3.3 The Marxist Theory of Interest; 3.4 Money and Crisis; 4. Monetary Theory: The Keynesian Model; 4.1 Keynes and Classical Macroeconomics; 4.2 Keynes' Money and Demand Function; 4.3 IS-LM World; 4.4 Keynesian Macroeconomic Policy; 4.4.1 Monetary Policy; 4.4.2 Fiscal Policy; 4.5 Full Employment of Capital and Need for a Zero Interest Rate; 5. Modern Moetary Theory; 5.1 Monetarism; 5.2 New Classical Economics and Real Business Cycle Theory; 5.3 Post-Keynesianism; 6. Managing Money; 6.1 Making Money in Capitalist Financial Systems; 6.2 Money Multiplier and Credit Multiplier; 6.3 Who Rules? The Central Bank or Commercial Banks; 7. Moentary Policy; 7.1 Monetary Policy Objectives; 7.2 Intermediate Targets; 7.2.1 Nominal Interest Rates; 7.2.2 Money Supply Targeting; 7.2.3 Nominal Income as Intermediate Target; 7.3 Instruments of Monetary Policy; 7.3.1 Open Market Operation; 7.3.2 Discount Rate Operation; 7.3.3 Reserve Requirements; 7.3.4 Selective Credit Controls; 7.3.5 Credit Ceilings; 7.3.6 Credit Planning; 7.4 Limitations of Monetary Policy; 7.5 Monetary Policy in the Post Nine Eleven Era; 8. Money and International Finance; 8.1 Foreign Exchange Market; 8.1 Foreign Exchange Market; 8.2 Foreign Exchange Regimes; 8.3 International Adjustment; 8.4 Understnading Financial Globalization - The Post Bretton Woods Order; 8.5 IMF in the International Financial System; APPENDIX: THE EURO; 9. Historical Background; 10. Pakistan's Financial Development 1949-2002; 10.1 Theory of Financial Development; 10.2 Financial Sector Development in Pakistan; 10.3 Conclusion; 11. State Bank of Pakistan; 11.1 Operational Mandates; 11.2 Structure and Operations; 11,3 Relationship with the Government; 11.4 Implications of State Bank Autonomy for Pakistan; 11.4.1 The Theory of Central Bank Autonomy: an Assessment; 11.4.2 Implications; 11.5 Evaluating Performance; 12. Commercial Banks; 12.1 Historical Background; 12.2 Structure of Balance Sheet: Domestic Banks; 12.2.1 Assets; 12.2.2 Liabilities; 12.3 Structure of Balance Sheet: Foreign Banks; 12.3.1 Assets; 12.3.2 Liabilities; 12.4 Performance of Domestic and Foreign Banks; 12.5 Bank Legislation; 12.6 Sector Strategy; 13. Development Finance Institutions; 13.1 Origins and Theory; 13,2 Evaluating DFI Performance; 13.3 DFIs in Pakistan; 13.3.1 Origins and Mandates; 13.3.2 Assessing Financial Performance; 13.3.3 Assessing Development Impact; 14. Financial Markets in Pakistan; 14.1 Money Market; 14.2 Market for Foreign Exchange; 14.3 Equity Market; 14.3.1 Role of Equity Markets in Financing; 14.3.2 Pakistan's Equity Market; 14.4 Bond Market; 14.4.1 Federal Investment Bonds; 14.5 Non-Bank Financial Intermediaries; 14.5.1 Modarabas; 14.5.2 Leasing Companies; 14.5.3 Unit Trusts and Mutual Funds; 14.5.4 Investment Banks; 14.6 Informal Financial Markets; 14.6.1 Short-term Credit; 14.6.2 Seasonal Credit; 14.6.3 Rotating Savings and Credit Associations; 15. Co-operative Banking; 15.1 History and Background; 15.2 Structure and Assets and Liabilities; 15.3 The Future; 16. Monetary Policy; 16.1 Monetary Policy: A Period Analysis; 16.1.1 1947-1958; 16.1.2 1959-1972; 16.1.3 1972-1977; 16.1.4 1978-1988; 16.1.5 1988-2003; 16.2 Failure of Market-based Monetary Policy; 16.3 Explaining Monetary Policy Failure; 16.3.1 Monetary Aggregates and the Real Economy; 16.3.2 Inflation; 16.3.3 Prudential Regulations; 16.3.4 Globalization; 16.4 Alternative to Market-based Monetary Policy; 17. Islamic Banking; 17.1 The Rationale for the Prohibition of Interest; 17.2 Debt Money; 17.3 The Islamic Banking Movement in Pakistan; INDEX

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