The State Bank of Pakistan invites submissions of high quality papers on the following
theme for a thematic issue of the SBP Research Bulletin, Volume 6, Number 1, 2010.
The topic for the thematic issue is the following:
"The Importance of Monetary and Fiscal Policies Coordination: Lessons from Recent Global Crisis"

The recent financial crisis and economic downturn, though originated in developed
economies, was felt across the globe in the form of shrinkage in exports, fiasco of equity markets, and decline in GDP growth rates. Although the developed countries appeared to have successfully dealt with crisis through various stimulus packages, they are now set to deal with the aftermath. The challenge is to keep the economies continue to grow and at the same time to maintain price stability. As is well-known from theory, the achievement of more than one policy objective requires the implementation of multiple policy instruments. Relying exclusively on either fiscal policy or on monetary policy will usually be insufficient to achieve a combination of objectives. Thus the recent crisis and its aftermath have generated a vigorous debate among the economic and financial experts on economic policy coordination to deal with recent crisis in leading economies.

By inviting research on this topic, the SBP expects some noteworthy lessons and policy
advices for emerging economies to tackle with economic crisis and problems in policy
coordination. The issues related to fiscal dominance and budgetary financing from the
central banks and other mandatory credits can also be covered under this theme.
All papers submitted for the special issue would be internally reviewed; and selected
papers would be published in the Bulletin along with the comments of internal
reviewers. The authors of the papers selected would be invited to present their papers
under Pakistan and World Economy Seminar Series at Karachi, Pakistan; for this
purpose, it would finance air return ticket from the author’s city/country to Karachi
along with boarding/lodging at a five star hotel.

The deadline for submitting complete paper is January 15, 2010. The paper can be sent
electronically at sbprb@sbp.org.pk or through surface mail at:
The SBP Research Bulletin
Research Department
8th Floor
State Bank of Pakistan
I.I. Chundrigar Road
Karachi – 74000
Pakistan
http://www.sbp.org.pk/research/bulletin/index.asp