Special Edition-07.pdf - Lahore School of Economics

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96 Shakil Faruqi State Bank of Pakistan: Annual Reports (Annual) various issues. Truman, Edwin, What Can and Should Be Done to Prevent Future Financial Crises? in Hunter Caprio and Leipziger (eds.), Preventing Bank Crises: Lessons from Recent Global Failures, Federal Reserve Bank, Chicago, EDI/World Bank Development Studies, Williamson John, Commonalities, Mistakes, and Lessons Viewed from a South Asian Standpoint, in Hunter Caprio and Leipziger (eds.), Preventing Bank Crises: Lessons from Recent Global Failures, Federal Reserve Bank, Chicago, EDI/World Bank Development Studies, pp 287-294.
The Lahore Journal of Economics Special Edition (September 2007) Financial Sector Restructuring in Pakistan Muhammad Arshad Khan and Sajawal Khan * Abstract In this paper an attempt has been made to review the financial restructuring process and its importance for economic growth and macroeconomic stability. The main focus is on the financial restructuring efforts undertaken by the government of Pakistan since 1990. We also analyze the impact of financial restructuring by using various financial indicators. The overall results suggest that the financial industry in Pakistan is showing remarkable and unprecedented growth. Unlike 1990, the performance of the financial sector is much better today. After the successful completion of first generation reforms, the introduction of second generation reforms is required, which will help to further strengthen the financial system and transfer the benefits of the first generation reforms to society. I. Introduction In a modern economy, an efficient financial system is essential to facilitate economic transactions, specialize in production, and establish investor-friendly institutions and competitive markets. A stable and efficient financial system not only reduces uncertainty and the cost of transactions but also improves overall economic efficiency through the efficient allocation of resources. A more balanced and vibrant financial system will contribute to economic growth and the stability of the economy. In contrast, regulated financial systems lead to underdeveloped and incompetitive markets, with a financial sector dominated by government owned financial institutions that impose constraints on economic growth. It is now widely recognized that weak and inefficient financial systems are more vulnerable to contagion, less able to cope with volatile capital flows and exchange market pressures, and more likely to propagate and magnify the effects of financial crises. This * The authors are respectively Associate Professor Government Post-graduate College Muzaffarabad (Azad Kashmir) and Lecturer Government Degree College Ghazi, Haripur (NWFP) and both are currently working as Research Associates, Pakistan Institute of Development Economics, Islamabad.
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Special Edition ISSN 1811-5438 THE
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THE LAHORE JOURNAL OF ECONOMICS Con
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11. All references used in the text
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The Lahore School of Economics The
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