Pakistan Institute of Development Economics

PDR

THE PAKISTAN DEVELOPMENT REVIEW 

Substitutability of Pakistan’s Monetary Assets under Alternative Monetary Aggregates

This paper’s main objective is to empirically investigate whether or not the use of the simple• sum aggregate is justified in the context of Pakistan’s economy and also to determine the degree of substitutability of monetary assets.

S. Fakhre Mahmud, S. Ghulam Kadir, M. Aynul Hasan

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