This paper investigates the role of credit market frictions in the transmission of monetary shocks in Pakistan. First, using macro data, it is shown that banking spreads are countercyclical, even it is controlled for credit risk, monetary policy and potential maturity mismatches. It is found...

Budget in Brief is designed to summarize the detailed information into an overview comprising essential information about expenditure and receipt and the resulting budget balance.

This note is intended as a brief guide on how the budget papers are organised, and how to find the exact information that a reader wants (expenditure on a particular scheme of interest, or total budget allocation of a ministry, for instance). The Budget papers are accompanied with a Key to the...