By Mongi Boughzala, D. Cobham
This quantity assesses the present nation of play for center East and North African nations, within the gentle of wider paintings on inflation focusing on, and gives classes from the evolution of economic coverage in Europe.
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Extra resources for Inflation Targeting in MENA Countries: An Unfinished Journey
Banking sector funding is slightly more diversified in the Gulf countries, in particular (but not only) in Bahrain, where other funding sources- including foreign funding and market-based funding- play a more pronounced role. 6 In Egypt, Morocco and Tunisia, more specifically, banking sectors share the broad characteristics of the wider region. 1b). In all three countries, broad money is very close to total bank assets, suggesting that bank deposits constitute the main source of bank funding. What does this cursory data on financial development suggest for monetary policy transmission?
2011), 'Monetary policy strategies and exchange rate regimes on the southern shore of the Mediterranean developments and prospects', in D. Cobham and G. Dibeh (eds), Money in the Middle East and North Africn: Monetary Policy Frameworks and Strategies, London: Routledge. Calomiris, C. and Gorton, G. (1991), 'The origins of banking panics, models, facts, and bank regulation', in R. G. ), Financial Markets and Financial Crises, Chicago, IL: University of Chicago Press. Cobham, D. (2011), 'Monetary policy strategies, financial institutions and financial markets in the Middle East and North Africa: an overview', in D.
Without developed financial markets, monetary policy transmission is hardly possible. This section lays out these considerations, based on the available theoretical and empirical literature, and starting from the operational aspects of monetary policy implementation before turning to the complementarity between price and financial stability. The section ends with a brief discussion of the endogeneity of these conditions in the context of IT. Financial depth and monetary policy implementation and transmission A shift to IT typically involves a phasing out of direct administrative regulations (such as credit ceilings or selective refinancing) and an increasing role of open market operations, whereby central bank interest rate changes become the main or even exclusive operational instrument of monetary policy.
Inflation Targeting in MENA Countries: An Unfinished Journey by Mongi Boughzala, D. Cobham