01758cas a2200241 a 4500 AALejournalIMF002062 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451949506 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. Fiscal Policy in Pakistan Since 1970. Washington, D.C. : International Monetary Fund, 1992. 1 online resource (38 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The analysis in this paper suggests that the large fiscal deficits that Pakistan has experienced over most of the period since 1970 led to some crowding out of private investment, resulting in slower output growth than would otherwise have been observed. Past fiscal deficits have also resulted in a substantial accumulation of domestic and external debt. In addition, the possibilities for currency substitution that have been created by the removal of restrictions on capital flows from Pakistan, as well as on foreign currency holdings of domestic residents, may have limited the potential for collecting the inflation tax. Accordingly, continued effort is likely to be needed to attain a fiscal position that is sustainable over the medium term. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1992/097 Full text available on IMF http://elibrary.imf.org/view/journals/001/1992/097/001.1992.issue-097-en.xml IMF e-Library