monetary issues in the middle east and north africa region a policy implementation handbook for central bankers

Download Book Monetary Issues In The Middle East And North Africa Region A Policy Implementation Handbook For Central Bankers in PDF format. You can Read Online Monetary Issues In The Middle East And North Africa Region A Policy Implementation Handbook For Central Bankers here in PDF, EPUB, Mobi or Docx formats.

Monetary Issues In The Middle East And North Africa Region

Author : Simon Gray
ISBN : 9781484337608
Genre : Business & Economics
File Size : 24. 53 MB
Format : PDF, ePub, Mobi
Download : 548
Read : 1217

Get This Book


This 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.

Are Banks Really Lazy Evidence From Middle East And North Africa

Author : Simon Gray
ISBN : 9781484387009
Genre : Business & Economics
File Size : 27. 65 MB
Format : PDF, ePub, Mobi
Download : 326
Read : 1072

Get This Book


We investigate whether low loan-to-deposit (LTD) ratios and high levels of reserve balances at the central bank (or holdings of government securities) are a reflection of policy-driven factors compared to commonly cited reasons of reluctance to lend or sometimes weak investment demand in uncertain environments. We examine changes to central bank (CB) balance sheet structures as well as commercial banks’ flow of funds over the period 2007–2012. First, Middle East and North Africa (MENA) CBs play an active role in view of their size that is very large with respect to their economies compared to CBs in advanced economies. Second, under exchange rate targeting, most MENA CB balance sheets are asset-driven, holding foreign exchange (FX) reserves to support the exchange rate policy and resulting in lower loan-to-deposit (LTD) ratios in the case of unsterilized increases in FX. Third, CB policy decisions seem to be accompanied by an increase in commercial bank reserve money balances, with ensuing reduction in the LTD. Finally, if governments meet their financing needs from the banking system—whether from commercial banks or by monetary financing—commercial bank balance sheets will tend to expand, resulting in lower LTD ratios. Our analysis suggests that government and CB actions may also drive the demand for and supply of credit, which are traditionally attributed to the behavior of banks and non-financial corporates and households only. The findings offer a different interpretation of changes in CB and banks’ balance sheets, with direct implications for LTD, calling to exercise caution in recommending policy action which aim at propping up LTD to ‘appropriate’ levels in an effort to reinvigorate credit following a downturn.

Issuance Of Central Bank Securities International Experiences And Guidelines

Author : Simon Gray
ISBN : 9781513513102
Genre : Business & Economics
File Size : 79. 68 MB
Format : PDF
Download : 457
Read : 1286

Get This Book


The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different approaches taken by those CBs which do issue, as well as suggesting reasons why some CBs do not; and provides operational guidelines on the major building blocks of the issuance of CB securities.

Money In The Middle East And North Africa

Author : David Cobham
ISBN : 9781136864155
Genre : Business & Economics
File Size : 75. 16 MB
Format : PDF, ePub, Docs
Download : 530
Read : 909

Get This Book


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.

Challenges Of Growth And Globalization In The Middle East And North Africa

Author : George T. Abed
ISBN : 9781463914097
Genre : Business & Economics
File Size : 55. 62 MB
Format : PDF, Mobi
Download : 461
Read : 1011

Get This Book


The Middle East and North Africa (MENA) is an economically diverse region. Despite undertaking economic reforms in many countries, and having considerable success in avoiding crises and achieving macroeconomic stability, the region's economic performance in the past 30 years has been below potential. This paper takes stock of the region's relatively weak performance, explores the reasons for this out come, and proposes an agenda for urgent reforms.

Pensions In The Middle East And North Africa

Author : Edward Whitehouse
ISBN : 0821361856
Genre : Business & Economics
File Size : 76. 17 MB
Format : PDF, ePub
Download : 697
Read : 549

Get This Book


This is the first comprehensive assessment of pension systems in the Middle East and North Africa. While other regions—Central Asia, Eastern Europe, and Latin America, in particular—have been actively introducing reforms to their pension systems, Middle East and North African countries have lagged behind. This is explained, in part, by the common belief that, because demographics remain favorable—the countries are young and the labor force is expanding rapidly—financial problems are far in the future; as a result, pension reform does not have to be a priority in the broader policy agenda.However, the authors show that aging is not the only factor behind a financial crisis; the problem is the generosity of the current schemes. Moreover, badly designed benefit formulas and eligibility conditions introduce unnecessary economic distortions and make the systems vulnerable to adverse distributional transfers. The book does not present a general model that could solve the problems of all pension systems in Middle East and North Africa countries. Instead the authors focus on outlining a framework for guiding discussions on pension reform and making objective policy choices.This assessment will be useful for policy makers and government officials involved in pension reform in the Middle East and North Africa region.

Monetary Policy And Central Banking In The Middle East And North Africa

Author : David Cobham
ISBN : 9781134023769
Genre : Business & Economics
File Size : 38. 44 MB
Format : PDF, ePub, Mobi
Download : 714
Read : 1133

Get This Book


This 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.

Financial Access And Stability

Author : The World Bank
ISBN : 9780821388563
Genre : Business & Economics
File Size : 55. 9 MB
Format : PDF, ePub, Docs
Download : 209
Read : 1249

Get This Book


The countries of the Middle East and North Africa (MENA) have been recovering from the global financial crisis, but the recent political turmoil has interrupted the pace of credit and output recovery in many countries. The political turmoil in the MENA region reveals deep-seated frustrations and a sense of political, social, and economic exclusion, especially among the youth. The relatively weak growth performance reflects a combination of insufficient reforms and weak reform implementation, including financial sector reforms. The structural weaknesses of financial sectors imply that access to finance may remain restricted even with a full recovery of credit activity. Therefore, the region s countries face an ambitious reform agenda to revert two decades of relatively poor performance of output and employment growth. Financial development should be a central component of the region s growth agenda. This study reviews the region s financial systems, the severity of the limitations on access to finance, and the main factors behind such limitations. It goes on to provide a road map for expanding access and preserving financial stability.

The Middle East And North Africa

Author :
ISBN : UIUC:30112058336717
Genre : Africa, North
File Size : 43. 60 MB
Format : PDF, ePub, Mobi
Download : 954
Read : 742

Get This Book


Includes "Who's who in the Middle East and North Africa."

Monetary Policy In The Presence Of Islamic Banking

Author : Mariam El Hamiani Khatat
ISBN : 9781475515244
Genre : Business & Economics
File Size : 48. 25 MB
Format : PDF, ePub
Download : 625
Read : 1073

Get This Book


This paper discusses key issues related to the conduct of monetary policy in countries that have Islamic banks. It describes the macrofinancial background and monetary policy frameworks where Islamic banks typically operate, and discusses the monetary transmission mechanism in economies where Islamic and conventional banking coexist. Most economies with Islamic banks also have conventional banks and this calls for a comprehensive approach to monetary policy. At the same time, a dual approach to monetary policy should be considered whenever the Islamic segment of the financial system is not as developed as the conventional one. The paper tries to shed light on potential spillovers between conventional and Islamic financial systems, and proposes specific recommendations on the design of Islamic monetary policy operations and for facilitating monetary transmission through the Islamic financial system.

Top Download:

Best Books