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Author: Mongi Boughzala
Publisher: Springer
Published: 2011-07-26
Total Pages: 339
ISBN-13: 0230316565
DOWNLOAD EBOOKThis volume assesses the current state of play for Middle East and North African countries, in the light of wider work on inflation targeting, and provides lessons from the evolution of monetary policy in Europe.
Author: Ms.Sanchita Mukherjee
Publisher: International Monetary Fund
Published: 2011-10-01
Total Pages: 29
ISBN-13: 1463921292
DOWNLOAD EBOOKIn this paper we empirically examine the operation of the traditional Keynesian interest rate channel of the monetary policy transmission mechanism in five potential inflation targeting economies in the MENA region and compare it with fourteen inflation targeting (IT) emerging market economies (EMEs) using panel data analysis. Contrary to some existing studies, our empirical results suggest that private consumption and investment in both groups of countries are sensitive to movements in real interest rates. Moreover, we find that the adoption of IT did not significantly alter the operation of the interest rate channel in IT EMEs. Also, the interest rate elasticities of private consumption and private investment vary with the level of development of the domestic financial market. Finally, capital account liberalization have opposite effects on private consumption and private investment in the two groups of countries.
Author: David Cobham
Publisher: Routledge
Published: 2010-12-07
Total Pages: 429
ISBN-13: 1136864156
DOWNLOAD EBOOKMonetary policy in the Middle East and North African (MENA) countries remains an understudied area; this book fills an important gap by examining monetary policy frameworks and monetary policy strategies in the region. Building on the editors’ earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, which focused on central bank independence issues and on exchange rate regimes, this book emphasises monetary policy strategies. Part I contains an overview of the financial markets and institutions which condition the choice of monetary policy strategy in the countries of the region, followed by single-country studies on aspects of the monetary policy frameworks of Lebanon, Egypt, Jordan, the Palestinian Territory and Turkey. Part II includes analyses of the prospects for inflation targeting in Egypt, Morocco and Tunisia, of the monetary transmission mechanism in the Gulf Cooperation Council countries, of the relative advantages of inflation targeting and exchange rate fixity with reference to Egypt, of the problem of fiscal dominance in Egypt, and of the inflationary implications of exchange rate fixity for Saudi Arabia and Kuwait. The contributors are experts from universities inside and outside the MENA region, from central banks in the region and from outside institutions such as the European Central Bank and the International Monetary Fund.
Author: Mr.Simon T Gray
Publisher: International Monetary Fund
Published: 2013-05-15
Total Pages: 176
ISBN-13: 1475590563
DOWNLOAD EBOOKThis paper documents the main themes covered in two seminars (December 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, and liquidity management has impacted the relationship between the policy rate corridor and market rates. The balance sheet structure of central banks in the Middle East and North Africa (MENA) shows differences between oil exporters and others, while a few countries have exhibited notable changes since early 2011. Collateral now has a significant financial stability function. Although only one MENA country is part of the G20, implementation of the Basel III bank capital adequacy and liquidity rules will most likely impact banks’ way of doing business in MENA countries, even if indirectly.
Author: David Cobham
Publisher: Routledge
Published: 2009-01-13
Total Pages: 287
ISBN-13: 1134023766
DOWNLOAD EBOOKThis book examines monetary policy, central banking and exchange rate regimes in the Middle East and North Africa. Part I covers central banking and monetary policy, while Part II covers monetary policy and exchange rate regimes. Some chapters focus on the monetary frameworks of particular countries, including Lebanon, Algeria, Syria, Tunisia, Morocco, and Turkey, outlining the different systems operated in each case, considering their successes and failures, and discussing important issues such as government policy, macroeconomic performance, inflation and inflation targeting, central bank independence and the impact of broader political economic developments on the conduct of monetary policy. Other chapters cover thematic issues across the whole region, including: central bank independence, operations of debtor central banks, the effect of exchange rates on inflation, and the effect on countries’ trade of alternative exchange rate regimes. Drawing on the insights of scholars and policy-makers, this book is a vital resource for anyone wanting to understand the economies of the Middle East and North Africa.
Author: Sanchita Mukherjee
Publisher:
Published: 2011
Total Pages: 232
ISBN-13:
DOWNLOAD EBOOKAuthor: Domenico Fanizza
Publisher: International Monetary Fund
Published: 2006-10
Total Pages: 22
ISBN-13:
DOWNLOAD EBOOK"Many countries in the Middle East and North Africa (MENA) region have recently experienced surges in money growth that apparently have not generated significant inflationary pressures. Moreover, several MENA countries have followed monetary policy rules that according to standard monetary theory should have produced macroeconomic instability and possibly hyperinflation. We argue that the Fiscal Theory of the Price Level could usefully provide insights on these developments. Our main conclusion is that a sound fiscal position constititutes a necessary condition for macroeconomic stability whereas "sound" monetary policy is neither sufficient nor necessary. Hence, fiscal policy and public debt deserve particular attention for maintaining macroeconomic stability, by and large consistent with Fund policy advice to MENA countries."
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2003-09-05
Total Pages: 32
ISBN-13: 9781589062306
DOWNLOAD EBOOKThis paper reviews the exchange regimes of five emerging market countries in the Middle East and North Africa region-Egypt, Jordan, Lebanon, Morocco, and Tunisia-and one oil-exporting country-Iran-to see whether they need to consider adopting more flexible arrangements as they further open their economies to trade and capital flows.
Author: Richard Fosu
Publisher:
Published: 2020
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKThe number of studies investigating the effects of inflation targeting (IT) on inflation and macroeconomic variables has increased with the rising number of countries adopting IT. The empirical evidence has, however, failed to converge. In line with the need for more such studies, this paper uses a difference in differences (DID) model with dynamic panel fixed effect and instrumental variable (IV) techniques to estimate the effect of IT on inflation and economic growth for a sample of 40 middle-income countries. Generally, we find that the effects of IT on inflation is quantitatively large but statistically insignificant. We, however, find strong evidence that IT leads to higher growth in middle-income countries.
Author: Michael Heise
Publisher: Springer
Published: 2019-02-26
Total Pages: 111
ISBN-13: 3030050785
DOWNLOAD EBOOKSince the financial crisis of 2008/09, the world’s major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.
