Suchergebnisse

There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy

Over the quarter of a century with which this book is concerned, the UK has had an extraordinarily diverse experience of monetary policy and monetary regimes. Monetary policy has been transformed, from attempts to control broad money from the supply side with the use of indirect controls on banks' lending, to an almost exclusive focus on interest rates in a context of inflation targeting. The exchange rate has at times been fixed, at other times almost perfectly flexible, and at other times again more or less managed. Meanwhile the real economy has experienced large variations in growth, toget

PART I: ISSUES AND CHALLENGES Moving towards Domestic Monetary Anchors -- are Financial Markets Ready in the Mediterranean Region?-- T.Bracke Fiscal Policy and Macroeconomic Stability in Mediterranean Countries-- M.Sturm & F.Gurtner Capital Mobility and the Optimal Monetary Policy Rule: a Tunisian Case Study-- M.Sami Nabi & N.Diop Monetary Policy Transmission and Targeting Mechanisms in Six MENA Countries-- S.Neaime Monetary Transmission Mechanisms: the Credit Versus the Interest Rate Channel-- A.Boughrara & S.Ghazouani PART II: THE JOURNEY TOWARDS IT From Bretton Woods to Inflation Targeting: Financial Change and Monetary Policy Evolution in Europe-- D.Cobham Monetary Policy in Turkey: the Reasons for Introducing Inflation Targeting and the Outcome-- H.Ersel & F.Ozatay The Evolution of Monetary Policy in Egypt and Steps Towards Inflation Targeting-- R.Al-Mashat The Uncertain Journey towards Inflation Targeting in Tunisia-- M.Boughzala & H.Moussa The Journey towards Inflation Targeting in Morocco-- L.Achy & A.Boughrara

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.

This book examines monetary policy and central banking in the Middle East and North Africa (MENA) region. Individual chapters focus on the monetary frameworks of particular countries. Other chapters adopt a thematic approach, addressing important subjects such as exchange rate regimes, price stability and central banking