Keynes is Back: Global Economic
Depression Monetary Policy Operations FY-02 FY-09 Pakistans Economic
Scenario
Syed, Kanwar Abbas
2009
Online at https://mpra.ub.uni-muenchen.de/23570/
MPRA Paper No. 23570, posted 30 Jun 2010 13:37 UTC
-# + 7 (
8!###!$!/"
! # "$#$ $ $ "
$$M$5$/$ /
" ! !#!/$#
!$,!!" ""#
!#8!##
##"$#$!,
$ !#!!/#!
#9" !$",/ ##$#
" ! !#$!<6(6>"#M#
#! L@ #! . F<6)&GN
<60%>,"L4F(%%<GN8!
" (%%1,/##!
$$!$##9
!,/#- !(%%1>,/
##!,"!
#!##,.]@#!#>]?
#!#>]$#!#>!,/
#L//F(%%1GN8!"##$#!
" E $/' ,, $
## !#! !
@8 -
&' !
./01./2!( 3
!'.33
'!%
+; <.
BH I!J;!J# C 7)**.8
! # ! K
& A )**/
# ,
! @9 #
# !# # L )**<A*/')**/A*. 6
# # # # @
$!,,#!$,!
#! !###
!#!"@#$$$
, !# #
!!!#L##?$F(%%6G @N
8!"$" ###,#
"(%%1#!/
$! !/!"!_$
" !'(% !((%%6 !!/#$#/!#$##
!$,!/####
#F#9@##G
"!"##!,/#
8!9#" 9"#$!#
,!#" 4'''!
##" ##
##!8!4##"
!,!,!!#" $##
##!##5$/$!""
, !$,! @# # 8!##/"!#
" ""#/#$#$
5$/,$
/!#"#" #$
/$ #$ ! # 8! "
#"#!" !!#
,,,!#!$
!" #.'
# $!,,, !$4''@#'$$#, /,9# ! !,/#
8!9#" 9@##, / ! #$ ###
###!"##
8!##" !
" ! " > #
! "#K(%%0'%1(%%1'
%6""" !/
#$8!@28!2/"
" *,,#$#
/#####$!
>###!#9" "
"9#!,#/$,,
#$##$"#8!" !##$,
#+
.# ++ E /8 &>A? F &>A@
, !/,#.,
$ ! , ! !
#/" #$ # 9@##F"#$$G
###/!!, #$8!@2 /#$, <%
#3/(%%1 !#!! ,
%'%(J##$!2
" /#$, 2$#!,0J#
!2$#,/<%%/JJ
#3/(%%1!2
" #$2/&J#,
!2/7#,
!!#!" *#$!
#"%J#%&##
" #!(%%<#$!"
FG$#"
$#!5$#$#!
! ## 8! / $#
$#!!225$F22G/(%%
/)%#"1%#
/!!$5$25$F2G
"" $
8! ,/ ## # ! !
#$$#"!!
"" "$! #
!>"$
5$!,!!$,!!$#,#
!/. " #"
" F @,$ [ <G 8! ! /
#$$,,!##
"$,,,!##
"$#(%%J!/!"
#!," 5$
$#,/$,/ ,"
/##/,F
!,#,"#,$#G
"!" " @A'%1$#
,$!#!" ! #" @A'%1/
,!#$<(#"<%J
#,22/<%%/6%
#"1%#"" 9$
$8!"!!#$
<&%#!"!" " @A'%6 !#!
"$!:#$<J#!
#3/(%%18!
!!"$
,"##$##$"##$
" ! #$ " ! ,! # 8!"!#!#$
$#!,<J# #
"*$ #!@A'(%%68!!
/ $# ! #$ ! " ,
l $# " ! $ /
$# # " 8'/
l 8",!#" #$'"" "
!$#" 8'/
" @#
l $#!#,
/ ,"!!
! 9
l 8!$#!#
$@F"2<1<&/2(%)&
/G8@@F"26J/2<6J /G $ ! $ # 8!" $#
!/<%%/<7#
! #*$(%%6 8! # " #, ","#
#$##$"#!#-
!"$!, ,#/.!#" !,!
#" ,!,! !$#
!$,!" ##
#$#" 42$,/
" #> #$# # ! #
1# +++ ( E
8!>#"#,!,!"
$!!9/
#$##$"#!9"8!
##!"""!#
!#$@,$[<! !""
!,!!!3""
"$,$(%%)#!&7<#$,$
(%%1!!,!#!!8!"
$, !""#$
!#$#!#!!!
#" #!!$
8!$#" $:#!
/ !!, ,#$>
!##
/!"#" $#!
# //!/!
#/#$!
# !,"$
"#!,#!!$
5$/$#!!$,!
!#!$"///
#!!,!" #$#
,$/" "
#!
8!/$,,"##$##$"#
!,"###"#
9#!,#!8!! ! 9!/ !!$
" !#!#"#
!#!!@A'(%%1,,
"\7&/@A'(%%&\(%0/@A' (%%1 !,#!
!.//" !#F !$,# ##G !#!#/$#
!$""#!!#$
#$!#$$#"
$!!9/"#
#$##$"# "!
#8!$,!,"##" $!
/$!" 99!
,,,/## $$!
#,#9!#
8!,/### "
"$9#E$E
!:," /!
!,!#$!$!!,!#"
,/$!#" ,
# !##,#!
!$#,"$!#
2# +7
8!##9"#
!##,##!!#9"
4###8!8!9#
"9@##,/!
#$######
!,,,!" ##
8!4''@#'$$#, /,9#!(%%1
## !#!"E$/
,,!$!
,,##!$,!
#!
8!!>###
!#9"""9#!,#
/$,,#$##$"#/$!
:"#$!"#
"!">#
@A'(%%0'%1@A'(%%1'%6#
$!"##"
! , ! !
!$/"9
"#!#9#$#
! "$"$$"$
!$ ""# , " $
###
!# "$!, ,#/!$,!!$" !,!
#$!#" !,!#" ,
!,! !$# !$,!" #
##$#
" 42$,/" #>#$#
#!#!!,!#$
#!#" ,/$K!#!
#!$, !!#
A(&B1
C )*++D5*++2
8!"$!,!/$!!
#$$,$(%%0 "
9"#!#8!""
!,!!!3""
"$,$(%%)$#!!",$&7<#
$,$(%%1!!,!#!>
!
,
< //4F1!#(%%1G/2#
!#$@#2 8!3
( 2$.4F(%%<G4 8!?$!,"Z 32,31&16
& @ #! . F<6)&G -"!E#E 7 @$ F(%%6G @ 2# 2# - - ,Z##?$
J " F(%%6G #
@A'(%%1B(%%6
) 8*F(%%6G8!@#8!
#2#?"!
, 32 , <7)&<
