The United States Dollar (USD) has long enjoyed the ‘exorbitant privilege’ of being at the centre of the international financial and trade system, serving as the dominant currency for holding financial assets and facilitating cross-border payments. The dollar-based international payment system has three major components:
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The question of fiscal sustainability has long haunted the Federal Budget of Pakistan. As deficits have widened over consecutive years, reform efforts have been piecemeal and trivial at best, and counterproductive at worst. What Pakistan’s budgetary architecture requires, however, is a systematic overhaul. By contrast,
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The ebbs and flows of business cycles provide ample evidence that a stock market, by itself, is not representative of an economy as a whole. Even in recent memory, one may think of how governments around the world poured in unprecedented amounts of stimulus during COVID-19, much of which poured
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A shift towards solar power use has been taking place across Pakistan recently, as declining prices of solar panels, coupled with frequent hikes in electricity tariffs, have galvanised end-consumers to embrace solar solutions. However, this rapid pace of solarisation has sparked concerns within some policy-making circles. Speculations regarding policy changes affecting solar photovoltaic (PV) participants
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Many societies today face the economic problem of an “outsized” banking system, too powerful in its influence and too distortionary in its impact for the rest of the economy to function properly. In the United States, this problem is often framed as “Main Street vs. Wall Street,” and I have discussed the repercussions of the matter during
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In a recent virtual book launch1 at PIDE for the book Public Value and the Post-pandemic Society, it was distinctly noted that a comparison between public
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