Excessive Defense Expenditures and Economic Stabilization: The Case of Pakistan
Abstract
Toward the end of 1988, Pakistan's deteriorating resource situation
caused a financial crisis, many remnants of which still exist
today. In 1988 the government's budget deficit reached 8.5 percent
of Gross Domestic Product (GDP), inflation accelerated, the current
account deficit doubled to 4.3 percent of Gross National
Product (GNP), the external dept service ratio reached 28 percent
of export earnings, and foreign exchange reserves fell in half, to
$438 million, equal to less than 3 weeks of imports (World Bank,
1991).
Description
Journal of Policy Modeling, August 1997.
Refereed Journal Article
Rights
This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.Collections
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