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Full Description
Monetary 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.
Contents
1. Introduction Part 1: Monetary Policy Frameworks 2. Monetary Policy Strategies, Financial Institutions and Financial Markets in the Middle East and North Africa: An Overview 3. The Political Economy of Stabilisation in Post-War Lebanon 4. The Evolution of the Monetary Policy Framework in Egypt and the Elusive Goal of Price Stability 5. Monetary Policy and the Central Bank in Jordan 6. From Occupation to an Independent Monetary Policy: Achievements and Aspirations in Palestine 7. The Banking Sector and Macroeconomic Performance: The Case of Turkey Part 2: Monetary Policy Strategies 8. Monetary Policy Strategies and Exchange Rate Regimes on the Southern Shore of the Mediterranean - Developments and Prospects - Thierry Bracke, Michal Franta and Jan Stráský 9. Channels and Environments of Monetary Policy and Their Implications for its Conduct in GCC Countries 10. Assessing Inflation and Output Variability using a New Keynesian Model: An application to Egypt 11. Fiscal Dominance: An Obstacle to Inflation Targeting in Egypt 12. Understanding the Inflationary Process in the GCC Region: The Cases of Saudi Arabia and Kuwait
