Faculty / School

Faculty of Business Administration (FBA)

Was this content written or created while at IBA?

Yes

Document Type

Conference Paper

Publication Date

5-14-2009

Author Affiliation

Dr. Ishrat Husain is Dean and Director at Institute of Business Administration, Karachi.

Conference Name

Conference on Financial Reform and Asian Economic Integration

Conference Location

Beijing

Conference Dates

May 14-15, 2009

First Page

1

Last Page

3

Keywords

Reform, Economy, Financial reform, Pakistan

Abstract / Description

Pakistan faced serious economic difficulties in the last few years particularly 2008 and has been able to achieve some stability in the last few months with the assistance of the IMF. But paradoxically the global financial crises had very little to do with it. The trouble in Pakistan started because of misgovernance, postponed policy decisions for the sake of short term political expediency, the assassination of the most popular leader and the resulting political instability, fall out of terrorism and a flawed transition from the Military to the democratically elected regime. As a mater of fact, the financial sector reforms carried out for more than a decade was able to insulate the economy from the adverse spill over effects of the global financial crisis. In this respect Pakistan just like China and India has demonstrated for the second time in the last 12 years some essential ingredients that can act as a safety valve against the onslaught of the tidal waves of globalization and financial integration.

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