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Regulatory Framework in Pakistan

Author

Listed:
  • A. R. Kemal

    (Pakistan Society of Development Economists)

Abstract
Until the mid-1970s, governments all over the world (especially in the developing economies), intervened in markets on the pretext of market failure arising from externalities, decreasing cost industries, and equity considerations for maximising social welfare. In Pakistan, where the private sector has played a dominant role, except probably for the 1970s,1 private sector activities have all along been regulated through various types of controls and regulations on entry and exit, prices, credit, foreign exchange, imports, investments, etc. These regulations were imposed with a view to ensuring that private sector allocations were in accordance with the national priorities [see Pakistan (1983-84)]. However, the objectives were rarely realised and, in fact, these regulations have been responsible for red-tapism and corruption. On the grounds of government failure, privatisation and deregulation policies are being practised almost everywhere in the hope that they would help in efficient allocation of resources and higher levels of productivity. Considerable regulatory reforms have also been effected in Pakistan over the last two decades. Investment and import licensing have been withdrawn, most of the foreign exchange restrictions have been removed, capital market regulations have been simplified, price controls have been lifted, and interest rates have been deregulated. However, there is considerable room for further regulatory reforms. Similarly, various public enterprises in the manufacturing and financial sectors have been privatised, telecommunication, airlines, and energy firms have been partially divested, and the government has an ambitious privatisation programme of divestiture in various other fields. The main force behind the process of privatisation is the need to address the problems of mismanagement of resources, overstaffing, inappropriate and costly investments, poor quality of services, and heavy losses of various public enterprises.

Suggested Citation

  • A. R. Kemal, 2002. "Regulatory Framework in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 41(4), pages 319-332.
    • Handle: RePEc:pid:journl:v:41:y:2002:i:4:p:319-332
    as

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    File URL: http://www.pide.org.pk/pdf/PDR/2002/Volume4/319-332.pdf
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    References listed on IDEAS

    as
    1. A.R. Kemal, 1996. "Why Regulate a Privatised Firm?," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 35(4), pages 649-656.
    2. Guasch, J Luis & Hahn, Robert W, 1999. "The Costs and Benefits of Regulation: Implications for Developing Countries," The World Bank Research Observer, World Bank, vol. 14(1), pages 137-158, February.
    3. Antoine Faure-Grimaud, 2002. "Using Stock Price Information to Regulate Firms," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 69(1), pages 169-190.
    4. repec:reg:rpubli:120 is not listed on IDEAS
    5. Alfred E. Kahn, 1988. "The Economics of Regulation: Principles and Institutions," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262610523, December.
    6. Baumol, William J., 1996. "Rules For Beneficial Privatization: Practical Implications Of Economic Analysis," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 3, pages 1-32.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Rasul, Azmat & McDowell, Stephen D., 2011. "Regulation and media monopoly: A case study of broadcast regulation in Pakistan," 8th ITS Asia-Pacific Regional Conference, Taipei 2011: Convergence in the Digital Age 52339, International Telecommunications Society (ITS).
    2. Takuya Nakaizumi, 2016. "Hold-up Problem in Price Cap Regulation with Limited Ability of Commitment in High Inflation," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 55(4), pages 947-953.
    3. Uzma Zia & Hafsa Hina, 2021. "LSM � Pakistan Steel Industry Outlook," PIDE Knowledge Brief 2021:43, Pakistan Institute of Development Economics.

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