Globalisasi Ekonomi dan Stabilitas Makroekonomi di Pakistan: Analisis Kebijakan Moneter Konvensional dan Islam

Abstract

Economic globalization has accelerated the interconnectedness of international markets, presenting both opportunities and significant challenges for developing countries such as Pakistan. As a Muslim country operating under a dual financial system (conventional and Islamic), globalization pressure affects its macroeconomic stability in a complex manner. This study aims to examine the impact of economic globalization on Pakistan’s macroeconomic stability, analyze the monetary policy responses adopted, and explore the extent to which Islamic principles have been integrated into its macroeconomic policy. The study employs a qualitative descriptive approach using recent academic literature from the past five years. The findings show that while globalization fosters trade expansion and growth, it also increases vulnerability to exchange rate fluctuations, current account deficits, and imported inflation. Pakistan's monetary policy remains largely dominated by conventional interest-based instruments, with limited utilization of Islamic instruments such as sukuk and profit-sharing. This study recommends strengthening a hybrid Islamic monetary policy framework based on maqasid sharia to achieve long-term equitable economic stability.