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8/6/2019 Syllabus Guide Economics
1/32
ISQ Syllabus Guide
Economics
Stage 2
The Institute of Bankers Pakistan
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Economics | Stage 2 33
Table of Contents
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26
Preface
1 Aims/ObjectivesoftheISQ
2 ISQSchemeofStudy
3 RationaleoftheISQProgram
4 JAIBPProgramFormat
5 Aims/ObjectivesoftheEconomicsCourse
6 Syllabus
7 SpecicLearningObjectives(SLOs)
8 SchemeofAssessment
9 RecommendedTextsandReferenceMaterials
10 DenitionofCognitiveLevelsandCommandWordsoftheSLOs
Annexure1TransitionProcessforMid-streamCandidates
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ISQ Syllabus Guide4
For queries and feedback
TheInstituteofBankersPakistan,M.T.KhanRoad,Karachi74200,Pakistan
UAN
111-IBP-ISQ(111427477)
Phone
+92(21)35680783,35689718,35694244,35694247
Fax
+92(21)35683805,35222416
Website
www.ibp.org.pk
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Economics | Stage 2 5
Preface
IBPSuperiorQualication(ISQ)providesauniqueopportunitytothosewhowishtopursue
aprofessionalqualicationinbanking.
TheISQhasbeendesignedsuchthatitnotonlyencourageslearninginatraditionalmannerbut
alsoencouragestheunderstandingandapplicationofconceptsandbankingpractices.Developed
usingcontemporarycurriculumdesignmethodology,webelievethattheISQwillenhancetheskills
andknowledgeofcurrentandpotentialbankers,providingtheindustrywithahealthypool
ofqualiedprofessionals.
Sinceourbankingprofessionalsaregeographicallymobile,investmentinaqualicationwhich
iswidelyrecognizedintheregionandgloballyistheneedofthehour.TheInstituteisproudto
introducefromJuly2011thenewJuniorAssociateshipleveloftheISQqualication(JAIBP)whichisaccreditedbyUKsCharteredBankerInstituteandcandidatescompletingtheJAIBPlevelwiththe
newcurriculumwillbeeligibletoattaintheAssociateCharteredBankertitleawardedbyChartered
BankerInstitute.
TheInstituteofBankersPakistancontinuestoendeavortofulllitsmandateofprovidingquality
professionaltrainingandtechnicalexpertiseforthebankingindustryandthenewISQisastep
inthatdirection.
ThisbookcontainsdetailsabouttheEconomicscourseoftheJAIBPprogram.Weencourageyouto
studythisindetailandwishyouthebestofluckinyourknowledgeendeavors.
Shahnoor Meghani
HeadofStrategicInitiatives
TheInstituteofBankersPakistan
July2011
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ISQ Syllabus Guide6
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Economics | Stage 2 7
1 Aims/ Objectives of the ISQ
IBPSuperiorQualication(ISQ)istheonlyrecognizedprofessionalqualicationforbankersin
Pakistan,whichisrecognizedbyboth,theStateBankofPakistanaswellasthebankingandnancialservicesindustry.
ISQisaprofessionalqualicationprogramwhichisaimedatempoweringthepresentandaspiring
prospectivemanagement-levelbankerswithpracticalknowledgeaboutthebankingindustryandits
functions.TheprimaryobjectiveoftheISQprogramistoequipentrantsofthebankingindustryand
existingmid-levelbankerswithnecessaryskillsandknowledgetobecomewell-roundedbanking
professionals.
TheJuniorAssociateshipofIBP(JAIBP)portionoftheISQprogramhasundergoneacomplete
updation,intermsofstructureandcurriculum,tomakeitrelevanttothecurrentbankingindustryneedsaswellasinternationalmarketpractices.
ThenewJAIBPprogramiseffectivefromtheWinter2011examination.Candidateswhoenroll
fortheISQprograminJuly2011willstarttheircourseofstudywiththenewsyllabusofferings.
CandidateswhoenrollfortheISQprograminJuly2011willstarttheircourseofstudywiththenew
syllabusofferings.CandidateswhohadenrolledandappearedfortheJAIBPexampriortoJuly2011
(mid-streamcandidates)willbetransitionedtothenewprogram.Mid-streamJAIBPcandidates
needtothoroughlyreviewtheTransitionProcessprovidedinAnnexureI.Kindlyreadtheprocess
andfamiliarizeyourselfwiththestepsandprocedurestobeundertakentoequateyourselftothe
newandupdatedISQprogram.
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ISQ Syllabus Guide8
TheISQprogramisa3-LevelSelf-StudyProgram:
Junior Associateship of IBP (JAIBP) Associateship of IBP (AIBP) Fellowship of IBP (FIBP)
Stage1FourSubjects
Stage2FourSubjects
Stage3ThreeSubjects
PlusoneSpecializationSubject
JAIBP
3yearsofTotalBankingExperience
60HoursCPD
FourSubjects
PlusoneSpecializationSubject
AIBP
5yearsPostAIBPBankingExperience
TwoSubjects
Specialization
DissertationplusVivaandtwopublishedarticlesinareputedjournal
FortheWinter2011examinationsession,theInstitutehasrevampedonlytheJunior
AssociateshipofIBP(JAIBP).
TheJAIBPisathreestage,selfstudyprogram,designedspecicallytocreatewell-rounded
bankingprofessionals.TheupdatedJAIBPstructureisasfollows:
Stage 1
1 BusinessCommunicationforFinancialServices
2 IntroductiontoFinancialSystemsandBankingRegulations
3 InformationTechnologyinFinancialServices
4 BranchBanking
Stage 2
5 AccountingforFinancialServices
6 Lending:Products,OperationsandRiskManagement
7 HumanResourceManagementandOrganizationalBehavior
8 Economics
Stage 3
9 MarketingofFinancialServices
10 FinanceofInternationalTrade&relatedTreasuryOperations
11 ManagementAccountingforFinancialServices
AtStage3,candidateswillhavetosuccessfullycompleteoneSpecializationSubjectfromthe
following:
Leasing and Micro Finance
SMEs and Agriculture Finance
Islamic Banking and Finance
Retail and Consumer Banking Operations
StudentsenrollingintheJAIBPprogramhaveamaximumperiodof5yearstocompletetheJAIBP.
The5yearperiodcommencesfromthedateofappearanceintherstexam.Furtherdetailsare
availableintheISQHandbook.
2 ISQ Scheme of Study
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Economics | Stage 2 9
The Chartered Banker Institute Accreditation of ISQs JAIBP
TheUKsCharteredBankerInstitutehasaccreditedtheJuniorAssociateshipofIBP(JAIBP)portionof
theIBPSuperiorQualication(ISQ)program.
TheUKsCharteredBankerInstituteistheoldestbankinginstituteintheworld.Itdevelopsand
promotesprofessionalstandardsforbankersandprovidesworldclassprofessionalqualicationsfor
thenancialservicesindustryintheUKandoverseas.
TheCharteredBankerInstituteisalsotheonlyorganizationworldwidethatcanconferChartered
BankerstatusonitsMembersandFellows.MembershipoftheCharteredBankerInstitutemeans
thatonemeetstheprofessionalstandardsofexcellence,whicharerecognizedandrespectedall
overtheworld.BeingamemberoftheCharteredBankerInstituteisavaluableassetinones
professionalcareerasitprovidestheworldwiderecognitionthattheydeserveandalsohelpskeep
themaheadoftheirpeersinthebankingandnancialservicesindustry.
Inaddition,membershipoftheCharteredBankerInstituteformsasolidbaseforasuccessfulcareer
inbankingandnancialservices.MemberswillbenetfromtheCharteredBankerInstitutesstatus,
condenceandprofessionalstandingandinturnbemoreemployableandhavebettercareer
prospectsinthefuture.
What does the Chartered Banker Institutes accreditation of the JAIBP mean for me?
ThisaccreditationoftheJAIBPmeansthatallindividualswhosuccessfullycompletetheJAIBPhave
theopportunitytoreceiveaportablecerticationthatisinternationallyrecognizedthroughthe
accreditationbyarenownedinstitution.
1 Candidates who enroll for the JAIBP program in July 2011
AllJAIBPqualiedindividualswhoenrolledintheISQprograminJuly2011,whichisaccredited
byCharteredBankerInstitute,uponcompletionwillreceiveajointcerticationbyIBPandthe
CharteredBankerInstitute,andwillalsobeeligibletousethetitleoftheAssociateChartered
Banker(throughon-goingpaymentofthesubscribedfee).
2 Mid-stream ISQ Candidates
Mid-streamJAIBPcandidateswillhavetopassacomprehensiveexaminationtofulllthe
requirementsoftheCharteredBankerInstitutesaccreditationoftheJAIBPprogram,inadditionto
paymentofsubscriptionfee.
ThescheduleandfeeforthecomprehensiveexaminationwillbeannouncedontheIBPwebsite
(www.ibp.org.pk).
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ISQ Syllabus Guide10
Eligibility Criteria for the JAIBP Program
TheentrycriterionfortheJAIBPprogramhasbeenrevisedforcandidatesenrollingfromJuly2011
onwards.JAIBPisopenforthefollowing:
1 Graduatesinanydisciplinewithaminimum2ndDivision
AND
2 Studentswhoarepursuingtheirdegreeina4-yearundergraduateprogram(post
Intermediate/Alevelsorequivalent)areeligibletoenrollfortheISQprogramduringtheir3rd
or4thyearofstudy.Studentswhoarepursuingtheirdegreeina2-yearundergraduate
program(postIntermediate/Alevelsorequivalent)areeligibletoenrollfortheISQprogram
duringtheirnalyearofstudy.
DocumentationrequiredforstudentsregisteringintheISQprogramwillbeattestedmarksheet
forIntermediateorAlevelswithapassgradeof45%andaletterfromtheiracademicinstitution
conrmingtheirenrollmentinthespeciedundergraduateprogram.Theawardofthecompleted
JAIBPqualicationwouldbesubjecttothecandidatehavingagraduatedegree.
Note: More details about the program can be found in the ISQ Handbook or on the IBP website:
www.ibp.org.pk
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Economics | Stage 2 11
Thegeneralrationalebehindtheprogramrevampissimple.Withtherapidgrowthand
developmentofthenancialsectoranditschangingdynamics,theneedsofthebankingindustryintermsoftheknowledgerequiredfromyoungentrantshaveincreased.TheInstitute,inorderto
providethebankingindustrywiththemostrelevantandup-to-dateprogramandtohelpequip
thebankingindustryrecruitswithessentialindustryexpertise;hasupdateditsprogramtoalign
itwiththeneedsoftheindustryinPakistanaswellasglobalindustrytrends.IBPhasdeveloped
theISQprograminamannerthatiscontemporaryandinlinewithinternationalstandardsbothin
termsofthecourseofstudyi.e.creatingacomprehensive,standardizedprogramanddesignwhich
incorporatesinternationalrenownedmethodologiesforcurriculumdevelopmentandassessment
andtesting.Furthermore,theISQprogramprovidesworkingprofessionalswiththeexibilityto
pursuetheircareerwhileenhancingtheirprofessionalqualications.Moreover,theISQprogramisalsobenecialforfull-timestudentsasthisqualicationwillassisttheminpavingthewaytoenter
intothebankingandnancialservicesindustry.
3 Rationale of the ISQ Program
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ISQ Syllabus Guide12
ThesyllabusforeachofthecompulsoryJAIBPcoursehasbeenupdatedtoreectthecurrent
bankingindustryrequirements.
IBPisnowprovidingallcandidatesoftheJAIBPprogramwithSpecicLearningObjectives(SLOs).
TheSLOsarebasicallyalearningresourceoratool,aidingcandidatesinstudyingthemosttestable
coursematerial.TheSLOplanprovidedinsection7isindicativeandismeantasastudyguide.
Cognitivelevelsmentionedarealsoindicativeandstudentsareencouragedtostudythesubject
deeplyandbeyondthestatedcognitiveleveltoenhancetheirlearning.Thisbookisspecicallya
SyllabusGuidefortheEconomicscourse.MoreinformationabouttheISQprogramcanbefound
intheISQ Handbookoronourwebsite.
TheSLOsinSection6ofthisbookcorrespondwiththesyllabusofaspeciccourse.Eachlearning
objectiveorSLObeginswithacommandword,suchas,list,dene,describe,explainetc.Each
commandwordisassociatedwithacognitivelevel.Thecommandwordshelpthecandidates
inidentifyingthelevelofdetailexpectedfromthemintheircourseofstudy.Theexamination
questionsarealsoframedusingthesametypeofcommandwords.PleaseseeSection10toobtain
thedenitionsofthecommandwords.
The SLOs are classied under three cognitive levels:
1 Knowledge(K)
2 Understanding(U)3 Applicationofknowledgeandskills(A)
DenitionsareprovidedinSection10
Candidates must thoroughly review the following sections while preparing
for their examination:
Section6:Syllabus
Section7:SpecicLearningObjectives(SLOs)
Section8:SchemeofAssessment
Section9:RecommendedTextsandReferenceMaterials Section10:DenitionofCognitiveLevelsandCommandWordsoftheSLOs
This book contains information specic to the Economics.
Disclaimer:
The Institute reserves the right to revise its policies, procedures and program structure at any point.
Please refer to the Institutes website for latest information.
4 JAIBP Program Format
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Economics | Stage 2 13
Economicsasasubjectisaboutchoosingthebestoptionfromdifferentalternativesandthe
impactthesechoiceshave,bothatanindividualaswellasatthemacroeconomiclevel.Economicsnotonlydenestherelationshipbetweenscarcemeansandunlimitedwantsbutitalsohelpsin
understandinghowsimplepurchasingdecisionscouldinuencethedemandandsupplyofgoods
andservices.Economicsforbankersisimportantasithelpsinunderstandingtheimportanceof
money,therationalizationofcreditdecisionsandtheroleofbanksintheentireeconomicsystem.
Bankersmustalsounderstandtherationaleformacroeconomicpoliciesandbeabletoanalyzethe
impactofGovernmentandCentralBankpolicychangesonbusinessesaswellasthebankingsector.
Thiscoursebroadlycoversthevariousareasofeconomicsasrelevanttoabankersuchas
microeconomics,macroeconomicsandmonetaryeconomics.
Specic Objectives
Afterthesuccessfulcompletionofthiscourse,participantswillhave:
Knowledge and understanding of:
BasicsofMicroeconomicsi.e.resourcesandallocation,demand,supply,opportunitycostand
themarketplace
BasicframeworkofMacroeconomics,i.e.nationalincome,ination,unemployment,
exchangeratesandtradebalances
Moneyanditsfunctions
Thedemandandsupplyofmoney To understand the role of monetary authority of a country in pursuing the monetary
targets/mandates and the methods it employs to pursue the mandate.
To identify and interpret the channels through which the monetary policy affects the
economy
To demonstrate the ability to understand the objectives of monetary policy and scal policy
and how the Central Bank applies this concept
To understand the coordination of monetary policy with the scal policy and the exchange
rate policy
The capacity to understand the objectives of International Monetary Institutions
5 Aims/ Objectives of the Economics Course
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ISQ Syllabus Guide14
Economic
1 Introduction
a) Whystudyeconomics
b) Basicconceptsofmicroeconomics
c) BasicFrameworkofMacroeconomics
d) Macroeconomic-issues,goalsandpolicies
e) Macroeconomicmethods
f) Controversiesinmodernmacroeconomics
2 National Income and Demography
a) EconomicModels
b) MeasuringNationalProduct
c) Expendituresapproach
d) Incomeapproach
e) ProbleminusingGNPasameasureofwelfare
f) Povertyreductionstrategy
g) Socialsafetynets
h) Lorentzcurveandinequitabledistributionofincome
3 Inationa) Varioustypesofination
b) Causesofination
c) Negativeandpositiveimpactsofination
d) PriceIndexes
e) MeasurementofinationinPakistan
4 Unemployment
a) Varioustypesofunemployment
b) Causesofunemployment
c) Okunslaw
d) ShortrunPhillipscurve
e) MacroeconomicpolicyandPhillipscurve
f) ThelongrunPhillipscurve
5 Exchange Rate and Trade Balance
a) Balanceofpaymentandforeigntrade
b) Currentandcapitalaccounts
c) Pakistanscase:BalanceofPayment
d) Exchangeratesystems
e) Typesofexchangerates
f) Monetarypolicyandexchangerate
6 Syllabus
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Economics | Stage 2 15
g) Determinationofexchangerate.
h) Crucialroleofinterestratepolicyinthecoordinationofmonetaryandexchangeratepolicies.
i) Realexchangerate
j) Interestrate
k) Closedeconomyandopeneconomy
l) Monetaryandscalpolicyinxedandexibleexchangerateregimes
m)Pakistanscase:ExchangeRatePolicies
6 Money
a) Denitionandbasicfunctionsofmoney
b) EvolutionofvariousformsofmoneyinPakistanMonetary Theories
a) Quantitytheoryofmoney
b) Themonetaristapproach-liquiditypreferencetheoryandportfoliomanagementtheory
7 Demand and Supply of Money
a) Demandformoneyinaneconomy
b) Creationofmoney/creditexpansionthroughbankingsystem
c) CompositionofM0,M1,M2andM3
d)ComponentsofReserveMoney(M0)andmoneymultiplier
e) Thebehaviorofmoneymultiplieranditspolicyimplications
8 Objectives of Monetary Policy
a) PricestabilitythroughprudentMonetaryPolicy
i)Ination
ii)Variouspriceindices
iii)Demandpull
iv)Costpushination
b) Economicgrowthandpricestability
c) Soundnessandstabilityofnancialmarkets
9 Objectives of Fiscal Policy
a) Fiscaltoolstostabilizetheeconomy
b) Crowdingouteffect
c) Discretionaryscalpolicy
d)Automaticstabilizers
e) Fiscalpolicyinstrumentsthatimpacttheeconomy
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ISQ Syllabus Guide16
10 Transmission Mechanism of Monetary Policy and the impact on Banking Sector Credit
Channels through which monetary policy affects the economy:a) Creditchannels
b) Moneyorinterestratechannel
c) Exchangeratechannel
d)Assetpricechannel
e) Experienceofdevelopedanddevelopingcountries
11 Central Banking and Monetary Policy Regimes
a) Monetarytargeting
b) Inationtargetingc) Choiceofpolicyanchor
i)Volumeofmoney
ii)Interestrate
iii)Exchangerate
d)AbriefoverviewofmonetarypolicyandcentralbankinPakistan
12 Impact of Fiscal and Monetary Policy and Equilibrium
a) Fiscalandmonetarypolicymix
b) ImpactofscalandmonetarypolicyonAD-ASequilibriumc) Shortrunvs.longrunanalysis
d) AbriefonscalandmonetarypolicyrelationshipinPakistanEconomy
13 The World Economy: International Monetary Institutions
a) AbriefhistoryofInternationalMonetaryInstitutions
b) ObjectivesofIMF,WorldBank,AsianDevelopmentBankandBankforInternationalSettlement
c) The2008worlddebtcrisis
d)TheroleofinternationallendersindebtmanagementandpovertyreductionofPakistan
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7 Specic Learning Objectives (SLOs)
e) PerformancecriteriaoftheIMFprogram
Economics Specic Learning Objectives
Chapter Candidates Learning OutcomeCognitiveLevels
1 Introduction Candidates should be able to: K U A
1.1 Microeconomics a. Statetheimportanceofstudyingeconomics *
b. Differentiatebetweenmicroeconomicsandmacroeconomics *
c. Identifyandexplainthebasicconceptsofmicroeconomics,i.e.supply/demand,elasticityand
inelasticity,consumerpreferences,supplydemandcurveandequilibrium*
d. Discusstheproductionfunction *
e. Discussthetermsopportunitycost,sunkcost,marginalcost,averagecost,productioncost *
1.2 Macroeconomics a. Discussthebasicframeworkofmacroeconomics,i.e.NationalIncome,Ination,
Unemployment,ExchangerateandTradeImbalances*
b. Discussthemacroeconomicgoalsofachievingfullemployment,economicgrowthandstability *
c. Discussmarginalbenetandmarginalcostandtherelationshipbetweenthetwo *
d. Discussconsumerandproducersurplus *
e. Explaindeadweightloss,overproduction,underproduction *
f. Explaintheconceptoftradeoffs *
g. Describethecharacteristicsofperfectcompetition,oligopoly,monopoly,monopolistic
competition*
h. Recalltheprinciplesofmacroeconomicpoliciesforasustainableeconomy *
1.3 Macroeconomicmethods a. Identifytheimportanceoftheory,dataandforecasting *
1.4 Modernmacroeconomics a. Recallthecontroversiesinmodernmacroeconomics *
2. National Income and
Demography Candidates should be able to: K U A
2.1 Conceptsofnational
income
a. Explaineconomicmodels *
b. Listthedifferentmeasuresofnationalinputandoutput *
c. DeneNationalIncomeandexplainwhythisisimportantwhenaimingtoachieveeconomic
growth*
d. DeneandexplainGrossNationalProduct *
e. DeneandexplainGrossDomesticProduct *
f. Recalltheformulaofexpenditure-approachmethodforcalculatingGDP *
g. ExplaintheExpenditureapproach *
h. RecalltheformulaforIncomeapproachmethodofcalculatingGDP *
i. ExplaintheIncomeapproach *
j. ExplaintheoutputmethodofcalculatingGDPandhowdoesthisapproachavoidtheproblems
ofdoublecounting*
k. ListtheproblemsinusingGNPasameasureofwelfare *
l. Denepovertyreductionstrategypapers(PRSPs) *
m. Denesocialsafetynetsorsocialeconomicsafetynets *
n. Listthetypeoftransfersthatsafetynetsusuallyinclude *
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ISQ Syllabus Guide18
o. InterprettheLorentzcurveandexplainhowitportraysinequitabledistributionofincome *
3. Ination Candidates should be able to: K U A
3.1 Conceptsofination a. Listandexplainthetypesofination(costpush,demandpullwage,pricingpower,sectoral
ination)*
c. Recalltheconceptofhyperinationandscalination *
d. Deneanddiscusstheimpactofstagation,deation,disination,reation,depression *
e. Interpretthenegativeimpactsofination *
f. Interpretthepositiveimpactsofination *
g. Differentiatebetweeninationrateandthepricelevel *
h. DeneGDPdeator *
i. DeneConsumerPriceIndex(CPI)orheadlineination *
j. RecalltheformulaforcalculatingCPIforsingleandmultiplegoods *
k. ListthedifferentpriceindicesusedinPakistanoverthescalyear *
l. DiscusshowinationismeasuredinPakistan *
m. IdentifythereasonswhyinationinPakistanhasreacheddoubledigitsintherecentyears *
4. Unemployment Candidates should be able to: K U A
4.1 Conceptsofunemployment a. Listandexplainthedifferenttypesofunemployment *
b. Recalltheformulatocalculatetheunemploymentrate *
c. Discusthecausesofunemployment *
d. DeneOkunsLaw *
e. DenetheconceptofPhillipscurve *
f. Recalltheshortrun/longrunPhillipscurve *
g. ExplainthePhillipsCurveconceptusingaggregatesupply/aggregatedemandandtheoutput
gap*
h. Explainthefactorsthatinuenceshortrun/longrunaggregatesupplyandrealGDP *
i. Explainmovementalongthelong-runandshort-runaggregatesupplycurves *
5. Trade Balance and
Exchange Rate Candidates should be able to:K U A
5.1 Trad eBalance a. Expla inthep urpo seofbalanceofp aym ent(BoP)acco unt *
b. ListthepaymentsincludedintheBoP *
c. RecallthereportingformatforcalculatingtheBoP *
d. Deneandexplaintheconceptofcurrentaccountandcapitalaccountanddiscussthe
relationshipbetweenthetwo*
e. Deneandexplainbalanceoftrade,tradedecit,tradesurplus *
f. DiscusstheBoPaccountsofPakistan *
5.2 Exchangerate a . De nee xc hang eratesystem *
b. Listanddenethetypesofexchangerates *
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Economics | Stage 2 19
c. Differentiatebetweennominalandrealexchangerates *
d. Discussthecrucialroleofinterestratepolicyinthecoordinationofmonetaryandexchange
ratepolicies*
e. Comparerealinterestratestonominalinterestrates *
f. Discusstheimpactofchangeininterestratestoexchangerates *
g. Deneclosedeconomyandopeneconomy *
h. DiscusstheexchangeratepoliciesinPakistan *
6. Money Candidates should be able to: K U A
6.1 Evolutionofmoney a. Deneandexplainthebasicfunctionsofmoneyanddiscusswhychequesandcreditcardsare
notcountedasmoney*
b. DiscusstheevolutionofthevariousformsofmoneyinPakistan *6.2 MonetaryTheories a. Recal lthequantitytheoryofmoney *
b. Denetheliquiditypreferencetheory *
c. Denetheportfoliomanagementtheory *
7 Demand and
Supply of Money Candidates should be able to: K U A
a. Explainthedemandformoneyinaneconomy *
b. Illustratethefourmainfactorsthatinuencethedemandformoney *
c. Interpretthecreationofmoney *
d. Illustratetheexpansionofcreditthroughthebankingsystem *
e. ExplainthecompositionofM1,M2andM3measuresofmoney *
f. DescribethecomponentsofReserveMoney(M0)andMoneyMultiplier *
g Interpretthebehaviorofthemoneymultiplieranditspolicyimplications *
8. Objectives of Monetary
Policy Candidates should be able to: K U A
a. SummarizetheobjectivesofaMonetaryPolicy *
b. DiscussthemonetarypolicytoolsundertakenbytheCentralBanktostabilizeination *
c. Discusstheconceptofcontractionarymonetarypolicy *
d. Discusstheconceptofexpansionarymonetarypolicy *
9. Objective of Fiscal Policy Candidates should be able to: K U A
a. Discussthescalpolicytoolsundertakenbythegovernmenttostabilizetheeconomy *
b. Explaintheconceptofcrowdingouteffect *
c. Explaindiscretionaryscalpolicyanditslimitation *
d. Explainautomaticstabilizers *
e. Differentiatebetweendiscretionaryscalpolicyandautomaticstabilizers *
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ISQ Syllabus Guide20
10. Transmission Mechanism
of Monetary Policy andthe impact of Banking
Sector Credit Candidates should be able to: K U A
10.1 Channelsthroughwhich
monetarypolicyaffects
theeconomy
a. Deneacreditchannelandexplaintheimplicationsthatanincrease/decreaseinthepolicy
rateshasoneconomicgrowth,inationandlending*
b. Explaintheimpactofanincrease/decreaseinthepolicyratesunderthemoneyorinterestrate
channelonconsumption,investmentinationandeconomicgrowth*
c. Explaintheimpactofanincrease/decreaseinthepolicyratesundertheexchangeratechannel
oncurrency,imports,exports,economicgrowthandination*
d. Demonstratetheimpactoftheincrease/decreaseinthepolicyratesundertheassetprice
channelonwealth,assets,economicgrowthandination*
11. Central Banks and
Monetary PolicyRegimes Candidates should be able to: K U A
a. DeneMonetarytargeting *
b. DeneInationtargeting *
c. DiscussthevariouschoicesofpolicyanchorVolumeofmoneyInterestrateExchangerate
*
d. Illustratetherelationshipbetweenexchangerateandmonetarypolicy *
e. Comparetheeffectsofthemonetarypolicyunderaxedandaexibleexchangerateregime *
f. ProvidebriefoverviewofthemonetarypolicyandtheroleoftheStateBankofPakistan *
12. ImpactofFiscaland
MonetaryPolicyand
Equilibr ium C andidate sshouldbeabl eto: K U A
a. Denepolicymix *
b. Explainwhataspectsoftheeconomythemixofscalandmonetarypolicyaimstoinuence *
c. IllustratetheimpactofscalpolicyonAD-ASequilibrium *
d. IllustratetheimpactofmonetarypolicyonAD-ASequilibrium *
e. Analyzetheimpactofscalandmonetaryintheshortrunvsthelongrun *
f. Comparetheeffectsofthescalpolicyunderaxedandaexibleexchangerateregime *
g. InterpretthescalandmonetarypolicyrelationshipasappliedtoPakistanseconomy *
13. The World Economy:
International Monetary
Institutions Candidates should be able to: K U A
13.1 Historyandoverview a. ProvideabriefhistoryoftheInternationalMonetaryInstitutions *
b. DiscusstheobjectivesofIMF,WorldBank,AsianDevelopmentBankandBankofInternational
Settlement*
c. Recalltheworldcrisisof2008anditsimpactonthebankingindustry *
d. ExplaintheroleofinternationallendersindebtmanagementandpovertyreductionofPakistan *
e. IdentifytheperformancecriteriaoftheIMFprogram *
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Economics | Stage 2 21
8 Scheme of Assessment
a) Thepatternoftheexaminationpaperalongwithmarksdistributionisasfollows:
Type of Question No. of Questions Marks / Question Total Marks
MCQs 30 1.5 45
CRQs 7 5 35
ERQs 2 10 20
Total 39 100
b) Therewillbeoneexaminationforthecourse.
c) Thedurationoftheexaminationwillbe3hours.
d) AllConstructedandExtendedResponseQuestionswillbeinabookletwhichwill
alsoserveasananswerscript.
Key Denitions
i) Multiple-Choice Questions (MCQs)
Multiple-choicequestionisaformofassessmentinwhichrespondentsareaskedtoselectthe
bestpossibleanswer(oranswers)outofalistofchoices.Onlyoneanswercanbekeyed
ascorrect.
ii) Constructed Response Questions (CRQs)
ConstructedResponsequestionsareopen-ended,shortanswerquestionsthatmeasure
application-levelcognitiveskillsaswellascontentknowledge.Thesequestionsprovide
candidateswiththeopportunitytogenerateandweaveideasintoashortresponse.The
candidatesuppliesaresponseintheformofafewsentences,agraphicorganizer,orasimple
drawing/diagramwithexplanation.
iii) Extended Response Questions (ERQs)
Extendedconstructed-responsequestionsarelengthierandmorecomplexexercisesthatallow
foranerlevelofdiscriminationinscoringtheresponses.Extended-responsequestionsrequire candidatestoconsiderasituationthatdemandsmorethananumericalresponseorashort
verbalcommunication.Candidatesarerequiredtomodel,asmuchaspossible,realproblem
solvinginalarge-scaleassessmentcontext.
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Recommended Readings
1. Pakistan,InstituteofBankers Economics2011
2. Pak istan,Insti tuteofBankers MacroEconomicsandF inanc ialSy stemofPak is tan
3. CharteredBanker EconomicEnvironment,4thEdition
4. CharteredBanker FinancialEconomicsBook1&2,5thEdition
Supplementary Readings:
1. Samuelson&Nordhaus(latesteditionavailable) Economics
2. Lipsey&Chrystal( latesteditionavailable) Economics
3. Miller&Pulsinelli(latesteditionavailable) ModernMoney&Banking
4. StateBankofPakistan MonitoryPolicy
9 Recommended Texts& Reference Materials
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Economics | Stage 2 23
10 Denition of Cognitive Levels& Command Words of the SLOs
i) Cognitive Levels (Knowledge, Understanding and Application)
Knowledge (K)
Thisrequiresknowingandrememberingfactsandgures,vocabularyandcontexts,andtheability
torecallkeyideas,concepts,trends,sequences,categories,etc.Itcanbetaughtandevaluated
throughquestionsbasedon:who,when,where,what,list,dene,identify,label,quote,name,
state,etc.
Understanding (U)
Thisrequiresunderstandinginformation,graspingmeaning,interpretingfacts,comparing,
contrasting,grouping,inferringcauses/reasons,seeingpatterns,organizingparts,makinglinks,
summarizing,solving,identifyingmotives,ndingevidence,etc.itcanbetaughtandevaluatedthroughquestionsstartingwith:why,how,show,demonstrate,paraphrase,interpret,summarize,
explain,prove,identifythemainidea/theme,predict,compare,differentiate,discuss,chartthe
course/direction,report,solve,etc.
Application (A)
Thisrequiresusinginformationorconceptsinnewsituations,solvingproblems,organizing
informationandideas,usingoldideastocreatenewones,generalizingfromgivenfacts,analyzing
relationships,relatingknowledgefromseveralareas,drawingconclusions,evaluationworth,
etc.Itcanbetaughtandevaluatedthroughquestionsstartingwith:distinguish,analyze,show
relationship,proposeanalternative,prioritize,givereasonsfor,categorize,illustrate,corroborate,compareandcontrast,create,design,formulate,integrate,re-arrange,reconstruct/recreate,
reorganize,predictconsequencesetc.
ii) Denition of Command Words
Knowledge
Arrange: Toputsomethinginaparticularorder
Dene(theterm
orterms):
Onlyaformalstatementorequivalentparaphraseisrequired.Noexamplesneedtobegiven.Specifymeaning.
Find: Ageneraltermthatmayvariouslybeinterpretedascalculate,measure,determineetc.
Give: Providemeaningorquantityorafactaboutsomething
Identify: Describewithspecicexamplesofhowagiventermorconceptisappliedindailylife
List: Nameitem-by-item,usuallyinoneortwowords,preciseinformationsuchasdates,characteristics,places,names.
Measure: Todetermineextent,quantity,amountordegreeofsomethingasdeterminedbymeasurementorcalculation
Name: Mentionthecommonlyusedmeaningsofthings,objects,people,books,etc
Outline: Impliesbrevity,i.e.restrictingtheanswertogivingessentials
Recal l: Tobringbacktomindandwritedown,asitisgiveninthetextyouhavealreadymemorized
Recognize: Involveslookingatagivenexampleandstatingwhatitis
Skim: Toreadquicklytosearchforkeyinformation
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State: Impliesaconciseanswerwithlittleornosuppor tingargument
Use: Todeploytherequiredattributeinaconstructedresponse
Write: Toconstructfullsentencesofcontinuousprose,notabbreviatedtext
Understanding
Acknowledge: Toacceptthat istrue
Appreciate: Tojudgewithheightenedperceptionorunderstanding
Arrange: Toputsomethinginparticularorder
Clarify: Impliesfurtherexplanationofanygiveninformationthatelaboratesthekeycomponents
Comment: Presentaninformedopinion
Compare: Listthemaincharacteristicsoftwoentitiesclearlyidentifyingsimilarities(anddifferences).Identifysimilaritiesanddifferences.
Comprehend: Tounderstandsomethingthatiscomplicated/difcult
Conceptualize: Makeanunderstandingonagiventopicwiththehelpofexamples,graphsanddata,etc
Convey: Useorapplyappropriatelyincontext
Deduce: Gobeyondtheinformationgiventodrawaconclusionwhichisnotexplicitlystatedinthestimulusmaterial
Describe: RequiresCandidatestostateinwords(usingdiagramswhereappropriate)themainpointsofthetopic.Itisoftenusedwithreferenceeithertoparticularphenomenaortoparticularexperiments.Intheformerinstance,thetermusually
impliesthattheanswershouldincludereferenceto(visual)observationsassociatedwiththephenomena.
Develop: Tomakeanargumentorideasclearerbystudyingitinmoredetail.Tobuildastatement
Differentiate: Identifythosecharacteristicswhichalwaysorsometimesdistinguishtwocategories
Discuss: Presentadvantagesanddisadvantagesorstrengthsandweaknessandgiveaconclusion
Distinguish: Toidentifythosecharacteristicswhichalwaysorsometimesdistinguishbetweentwocategories
Draw: Impliesasimplefreehandsketchordiagram.Careshouldbetakenwithproportionsandtheclearlabelingofparts.
Elaborate: Clarifyorenrichgivenstatementsordenitions,byprovidingrelevantdetailsorexamples
Eliminate: Toremoveavariablefromtwoormoresimultaneousequations
Establish: Toprovecorrectortrueonthebasisoffacts,argumentorotherevidencetocometoconclusion
Explain: Mayimplyreasoningorsomereferencetotheory,dependingonthecontext
Explore: Toexamineordiscusssomethingcarefullyinordertondoutmoreaboutit
Express: Useappropriatevocabulary,languagestructureandintonationtocommunicatethoughtsandfeelings
Followinstruction: Demonstrateanunderstandingoftheinformationgivenespeciallytherequiredsequenceofevents
Highlight: Tobringtofront,makeevident,bringtolight,withemphasis
Identify: Selectthemostappropriatefrommanypossibilitiesonthebasisofrelevantcharacteristics.ItwillnotnormallybeexpectedthattheCandidatejustiesthechoiceunlessspecicallyaskedtodoso.
Illustrate: Togiveclearexamplestostate,clarifyorsynthesizeapointofview
Infer: Gobeyondtheinformationgiventoidentifywhatisimpliedbutnotstated
Interpret: Clarifyboththeexplicitmeaningandtheimplicationsofgiveninformation
Investigate: Thoroughlyandsystematicallyconsideragivenproblemorastatementinordertondouttheresultorruleapplied
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Makearelationship: Putdifferentitemstogethertodevelopasetofrelateddata
Outline: Setoutthemaincharacteristics
Paraphrase: Repeatatextusingdifferentwords
Pointout: Pickoutandrecognizespecicinformationfromagivencontentand/orsituation
Practice: Doinganactivityortrainingregularlysothatyoucanimproveyourskills
Predict/anticipate: Makeinferencesaboutprobable/possibleturnsofeventfromtheinformationgivensofar
Present: Towritedowninalogicalandsystematicwayinordertomakeaconclusionorstatement
Prove: Prop oseab asetosup po rttheo utco me
Rec ti fy: Toco rrec tsom ethingthatiswro ng
State: Impliesaconciseanswerwithlittleornosupportingargument
Suggest: Toputforwardanideaoraplan
Summarize: Writeashorterversionofagiventextcapturingthemainpointsandeliminatingdetail.Thewritingmustbegrammaticalandthereferentofeachstatementmustbeclear.
Verify: Toprove,checkordeterminethecorrectnessandaccuracyoflaws,rulesorreferencegiveninthesettask
Application
Analyze: Useinformationtorelatedifferentfeaturesofthecomponentsofspeciedmaterialsoastodrawconclusionsaboutcommoncharacteristics.Breakinformationintocomponentpartsandidentifycharacteristics.
Advise: Suggestsolutions,withjustication,toproblems
Apply: Tousetheavailableinformationindifferentcontextstorelateanddrawconclusions
Assess: Makeaninformedjudgment
Calculate: Showworkingstoarriveatanumericalanswer
Clarify: Impliesfurtherexplanationofanygiveninformationthatelaboratesthekeycomponents
Classify: Stateabasisforcategorizationofasetofrelatedentitiesandassignexamplestocategories
CompareandContrast: Involves(a)listingthemainpointsorcharacteristicsoftwodistinctand(b)clearlyidentifyingsimilaritiesanddifferencesbetweencharacteristics
Compose: Formapieceofwritingwithanumberofparts
Comprehend: Tounderstandsomethingthatiscomplicated/difcult
Construct: Tobringtogethergivenelementsinaconnectedorcoherentwhole
Convey: Useorapplyappropriatelyincontext
Demonstrate: Toshowbyargument,factsorotherevidencesthevalidityofastatementorphenomenon
Derive: Toarr iveatagener alfor mulabycalculatingstepbystep
Elaborate: Clarifyorenrichagivenstatementordenition,byprovidingrelevantdetailsorexamples
Evaluate: Makeajudgmentbasedonevidence
Formulate: Todevelopaplanorproposalanddecideallthedetailsofhowitwillbedone
Portray: Todescribeorrepresentsomethingorsomeone.Todescribeorshowsomeoneorsomethinginaparticularwayaccordingtoyouropinionofthem
Predict/anticipate: Makeinferencesaboutprobable/possibleturnsofeventfromtheinformationgivensofar
Summarize: Toexpressthemostimportantfactsandideasinashortandclearform
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Thissectionpertainstomid-streamJAIBPcandidates(i.e.thoseISQcandidateswhoenrolledand
appearedfortheJAIBPexamspriortoJuly2011andhavenotcompletedtheirJAIBPasofJuly2011).Mid-streamJAIBPcandidatesarerequestedtoreviewthissectionthoroughly.Thissectionprovides
mid-streamcandidateswiththedetailsofthetransitionprocess,theimpactthatthestructural
changesintheJAIBPprogramwillhaveonthemandhowtheywillbefacilitatedtocompletetheir
JAIBPprogramunderthenewstructure.
Old Structure New Structure
Stage 1
BusinessCommunicationforFinancialServices* BusinessCommunicationforFinancialServices*
LawsRelatingtoFinancialServices ** IntroductiontoFinancialSystemsandBankingRegulations **
AccountingforFinancialServices *** InformationTechnologyinFinancialServices ***
MacroEconomicsandFinancialSystemofPakistan **** BranchBanking****
Stage 2
InformationTechnologyinFinancialServices *** AccountingforFinancialServices ***
LendingOperationsandRiskManagement** Lending:Products,OperationsandRiskManagement**
HumanResourceManagementBasicPractices** HumanResourceManagementandOrganizationalBehavior **
MarketingofFinancialServices *** Economics**
Stage 3
MonetaryEconomics** MarketingofFinancialServices ***
InternationalTradeFinance&ForexOperations * FinanceofInternationalTrade&relatedTreasuryOperations **
ManagementAccountingforFinancialServices * ManagementAccountingforFinancialServices *
* Same as before in terms of sequence
** Expansion in contents
*** Changed the sequence of appearance
**** New or changed course
ThestructuralchangesmadetotheISQprogramarediscussedindetailbelow:
Stage shifts
AccountingforFinancialServiceshasbeenmovedfromStage1toStage2
InformationTechnologyinFinancialServiceshasbeenmovedfromStage2toStage1
MarketingofFinancialServiceshasbeenmovedfromStage2toStage3
Course merger/ restructuring
MacroEconomicsandFinancialSystemsofPakistanhasbeenbrokenintotwocomponents:
i) Therstcomponent,namelyMacroEconomicshasbeenmergedwithMonetary EconomicsandtheresultantcoursehasbeennamedEconomics
Annexure 1 Transition Processfor Mid-stream Candidates
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ii)Thesecondcomponent,namelyFinancialSystemofPakistanhasbeenmergedwithLaws
RelatingtoFinancialServicesandtheresultantcoursehasbeennamedIntroductionto FinancialSystems&BankingRegulations.
ThismeansthattheEconomicssyllabuswillnowcoverbothmacroandmonetaryeconomics,
whereasLawsrelatingtoFinancialServicesandFinancialsystemofPakistanwillbecovered
inthesubjectnamely,IntroductiontoFinancialSystems&BankingRegulations.
WehavealsointroducedanewcourseBranchBankingasitisacrucialpillarofthebanking
sectorandrequiresadedicatedsubjectforitspeculiaritiestobeaddressedindetail.
Impact of Structural Changes on Mid-stream Candidates
Theabove-mentionedstructuralchangesoftheJAIBPprogramwillimpactthemid-stream
candidatesinseveralways.Hence,thereisaneedtocreateabridgetohelpmid-stream
candidateswhoareintheprocessofcompletingtheircourserequirementsconverttothe
newJAIBPstructure.
ThesixdifferentwaysinwhichMid-streamcandidateswillbeaffectedareasfollows:
1 Course Equivalence
Thetablebelowdetailshowequivalencesfor8courses(withnoneoronlyminorchanges)
intheexistingstructurewillbehandled:
Straight Equivalence
Subjects based onOld JAIBP Syllabus
Corresponding Equivalent SubjectsIn The New JAIBP Syllabus
Subjects with no structural changes:
If the mid-stream candidate has passed: s/he will be exempted from:
BusinessCommunicationforFinancial Services BusinessCommunicationforFinancialServices
AccountingforFinancialServices AccountingforFinancialServices
InformationTechnologyinFinancialServices InformationTechnologyinFinancialServices
MarketingofFinancialServices MarketingofFinancialServices
ManagementAccountingforFinancialServices ManagementAccountingforFinancialServices
Subjects with minor course enhancements:
If the mid-stream candidate has passed: s/he will be exempted from:
LendingOperati onsandRiskManagement Lending:Produc ts,OperationsandRiskManagement
HumanResourceManagementBasicPractices HumanResourceManagementandOrganizationalBehavior
InternationalTradeFinance&FOREXOperations FinanceofInternationalTrade&relatedTreasuryOperations
If the mid-stream candidate is yet to pass any of the above subjects, now they will have to passthe equivalent subjects as per the new structure
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Equivalence for Restructured/ Merged Courses
Fortheremaining3coursesintheJAIBP,namelyLawsRelatingtoFinancialServices,MacroEconomicsandFinancialSystemofPakistanandMonetaryEconomics,majorstructuralchanges
havebeenmade.Allpossiblescenariosformid-streamcandidateshavebeencapturedinthe6
casesgivenbelow.
Case 1
IntheoldJAIBPstructure,ifthemid-streamcandidatehasNOTpassedbothLawsRelatingto
FinancialServicesandMacroEconomicsandFinancialSystemofPakistan,s/hewillhaveto
appearinIntroductiontoFinancialSystems&BankingRegulations.
Case 2IntheoldJAIBPstructure,ifthemid-streamcandidatehaspassedbothLawsRelatingtoFinancial
ServicesandMacroEconomicsandFinancialSystemofPakistan,s/hewillbegivenanexemption
inIntroductiontoFinancialSystems&BankingRegulationsinthenewstructure.
Case 3
IntheoldJAIBPstructure,ifthemid-streamcandidatehasonlypassedLawsRelatingtoFinancial
Services,orhasonlypassedMacroEconomicsandFinancialSystemofPakistan,s/hewillhaveto
appearinIntroductiontoFinancialSystems&BankingRegulationsasperthenewISQstructure.
Case 4
IntheoldJAIBPstructure,ifthemid-streamcandidatehasonlypassedMacroEconomicsand
FinancialSystemofPakistanandhasnotpassedMonetaryEconomics,s/hewillhavetoappear
inEconomicsasperthenewISQstructure.
Case 5
IntheoldJAIBPstructure,ifthemid-streamcandidatehaspassedbothMacroEconomicsand
FinancialSystemofPakistanandMonetaryEconomics,s/hewillbegivenanexemptionin
Economicsinthenewstructure.
Case 6
IntheoldJAIBPstructure,ifthemid-streamcandidatehaspassedLawsRelatingtoFinancial
Services,MacroEconomicsandFinancialSystemofPakistanandMonetaryEconomics,
s/hewillbegivenanexemptioninIntroductiontoFinancialSystems&BankingRegulations
andEconomicsinthenewstructure.
NOTE: All mid-stream candidates who have more than 4 courses remaining to complete their JAIBP
will have to pass an additional Branch Banking course.
2 Stage Completion
ThreecourseshavebeenmovedtoaligntheJAIBPcoursesbetterwiththerequirementsinthe
careersofPakistanibankers.Detailsaregiveninthetablebelow:
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Course Name Stage shift
Acco unt ingfo rF inancialS ervice s Movedd ownf ro mStag e1toStag e2
InformationTechnologyinFinancialServices MovedupfromStage2toStage1
MarketingofF inancialS ervice s Movedd ownf ro mStag e2toStag e3
Detailsofhowdifferentscenarioswillbehandledaregivenbelow:
Astagecompletedbyacandidateaspertheearliercoursestructurewillremaincompleteafter
thesechangestakeeffect.However,suchmid-streamcandidateswillberequiredtofulllthe
stagecompletionrequirementsasperthenewcoursestructureandpasstheremainingcourses
inthenexttwoattempts(i.e.inWinter2011andSummer2012).
Mid-streamcandidateswhohavestartedastagebutnotyetcompleteditwillnowhavetofulll
therequirementsofstagecompletionasperthenewcoursestructure.
3 Stage Commencement Eligibility
Allmid-streamcandidateswillhavetocomplywiththerequirementstostartthenextstage
asperthenewcoursestructure.Speciccasesforeachstagearegivenbelow:
TostartStage2,mid-streamcandidateswillhavetopassatleasttwocoursesofStage1asper
thenewstructureandappearfortheremainingcoursesinStage1inthesamesession.
TostartStage3,candidateswillhavetopassallcoursesofStage1andatleasttwocourses
ofStage2asperthenewcoursestructureandappearfortheremainingcoursesinStage2inthe
samesession.
4 ISQ Completion for Mid-stream Candidates who have 4 or Less Courses Remaining
Allmid-streamcandidateswhohave4orlesscoursesremainingforcompletionoftheirJAIBPwill
nothavetoappearfortheadditionalBranchBankingcoursetocompletetheirJAIBP,provided
thattheypasstheremainingsubjectsbySummer2012.However,suchcandidatescanopttotake
theBranchBankingcourseiftheysowish.
5 Additional Time Period and Chances Allowed for Mid-stream Candidatesi) Mid-stream candidates who have to take the additional Branch Banking Course
Allmid-streamcandidateswith5ormorecoursesremainingwillhavetotaketheadditional
BranchBankingCourseunderthenewstructureandwillbeallowed12chancesoratime
periodof6yearstofullltheircourserequirementsfortheISQprogram.
ii) Mid-stream candidates who DO NOT take the additional Branch Banking Course
Allmid-streamcandidateswhocompletetheISQprogramaccordingtotheoldstructureand
have4orlesscoursesremainingwillbeallowed10chancesoratimeperiodof5years
tofullltheircourserequirementsfortheISQprogram.
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6 Award of Associate Chartered Banker title by UKs Chartered Banker Institute
Allmid-streamcandidateswhowishtoacquiretheAssociateCharteredBankertitlebyUKs
CharteredBankerInstitutewillberequiredtoappearforaComprehensiveTest.
Test schedule and details will be available at a later date.
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