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...

What are the main impediments to investment and industrial productivity in Punjab which have contributed to this unprecedented decline in growth? This is done by analyzing the 2007 Investment Climate Assessment (ICA) data at the level of the seven main industrial zones of Punjab. The World Bank...