SBP Working Paper Series STATE BANK OF PAKISTAN
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Table A1: Contemporaneous Correlations.<br />
GDP LSM INFLATION<br />
Annual Quarterly Annual Quarterly Annual Quarterly<br />
HPLM0 0.63*** 0.35*** 0.40* 0.10 0.54** 0.31***<br />
HPLM1 0.53*** 0.46*** 0.65*** 0.24* 0.27 0.09<br />
HPLM2 0.78*** 0.27*** 0.40* 0.41*** 0.51** 0.26**<br />
HPLR M0 0.46** 0.35*** 0.73*** 0.23** 0.13 0.22**<br />
HPLRM1 0.36* 0.39*** 0.73*** 0.29*** 0.02 0.05<br />
HPLRM2 0.68*** 0.27*** 0.83*** 0.46*** 0.18 0.12<br />
GM0 0.20 0.12 0.15 0.06 0.09 0.11<br />
GM1 -0.13 -0.13 0.03 -0.04 -0.32 -0.25**<br />
GM2 0.22 0.01 0.44** 0.11 0.13 0.01<br />
POLR 0.19 0.10 -0.31 -0.05 0.32 0.15<br />
TBR6 0.32 0.11 -0.16 0.02 0.47** 0.29***<br />
MMR 0.28 0.16 -0.16 -0.01 0.46** 0.37***<br />
RPLR -0.33 -0.15 -0.62*** -0.21** -0.31 -0.53***<br />
RTBR6 -0.24 -0.16 -0.50** -0.18* -0.14 -0.47***<br />
RMMR -0.26 -0.12 -0.55*** -0.21** -0.24 -0.46***<br />
Inflation (QoQ) 0.49** 0.03 0.22 -0.02<br />
GDP 0.48 0.17<br />
*** p