An Operational Framework For Inflation Targeting In Egypt

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An Operational Framework for Inflation Targeting in Egypt

Author : Doaa Akl Ahmed Sayed Ahmed
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (86 download)

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Book Synopsis An Operational Framework for Inflation Targeting in Egypt by : Doaa Akl Ahmed Sayed Ahmed

Download or read book An Operational Framework for Inflation Targeting in Egypt written by Doaa Akl Ahmed Sayed Ahmed and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis focuses on the potential adoption of the inflation targeting (IT) regime in Egypt. Basically, it aimed at answering the following questions. (1) Should the central bank of Egypt shift to IT or continue with the current monetary policy framework, monetary aggregate targeting (MAT). (2) What the optimal policy horizon (OPH) should central bank choose to target inflation, (3) Does modelling inflation using models that allow for time-varying conditional variance, skewness and kurtosis helps in better understanding of inflation uncertainty? The main results of the thesis show that: (1) To answer the first question, the stability of velocity of money in circulation and money multiplier has been analysed using variance ratio tests and found unstable. Therefore, we could conclude that the current MAT framework cannot achieve its ultimate goal of price stability and it is believed that shifting to IT framework is highly recommended. (2) Concerning the OPH, the results show that the OPH is largely dependent on the nature of the shock and on a central bank's preferences over goals. Thus, for different kinds of the shocks, even if they are generally classified of the same type, the concern of the central bank about other policy objectives affects the policy horizon. With respect to shock persistence, the results demonstrate that the horizon increases with the persistence of the shock as persistent shock distributed over many period in comparison with transitory and less persistent shocks. (3) To answer the third question, the methodology proposed by Leon, Rubio, and Serna (2005) for modelling nonconstant conditional second, third and fourth moments is applied. The results indicate that models with nonconstant second, third and fourth moments are superior to models with time invariant volatility, skewness and kurtosis.

Towards Inflation Targeting in Egypt

Author : Hoda Abdel-Ghaffar Youssef
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Towards Inflation Targeting in Egypt by : Hoda Abdel-Ghaffar Youssef

Download or read book Towards Inflation Targeting in Egypt written by Hoda Abdel-Ghaffar Youssef and published by . This book was released on 2007 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how the Stability and Growth Pact may cope with the future costs of population ageing in the European Union. Clearly, population ageing has forced countries to reform their pension systems, and will continue to do so, both by reducing the generosity of pension arrangements and by switching to funding rather than relying on pure pay-as-you go pension provision. We study how such reforms affect the room for adhering to the Pact, but also how the Pact may induce or hamper the incentives for reform. In our analysis we will draw on recent literature on the Pact and on the pensions and the ageing problem. We will also calibrate a simple model for addressing intergenerational equity.

Inflation Target as a Framework for Monetary Policy with Application to Egyptian Economy

Author : Shiref Fahmy Mohamed Shabana
Publisher :
ISBN 13 :
Total Pages : 238 pages
Book Rating : 4.:/5 (145 download)

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Book Synopsis Inflation Target as a Framework for Monetary Policy with Application to Egyptian Economy by : Shiref Fahmy Mohamed Shabana

Download or read book Inflation Target as a Framework for Monetary Policy with Application to Egyptian Economy written by Shiref Fahmy Mohamed Shabana and published by . This book was released on 2007 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344062
Total Pages : 74 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund

Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Inflation Targeting in MENA Countries

Author : Mongi Boughzala
Publisher : Springer
ISBN 13 : 0230316565
Total Pages : 339 pages
Book Rating : 4.2/5 (33 download)

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Book Synopsis Inflation Targeting in MENA Countries by : Mongi Boughzala

Download or read book Inflation Targeting in MENA Countries written by Mongi Boughzala and published by Springer. This book was released on 2011-07-26 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 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.

The Scope for Inflation Targeting in Developing Countries

Author : Mr.Paul R. Masson
Publisher : International Monetary Fund
ISBN 13 : 145185515X
Total Pages : 54 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Scope for Inflation Targeting in Developing Countries by : Mr.Paul R. Masson

Download or read book The Scope for Inflation Targeting in Developing Countries written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1997-10-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation targeting (IT) serves as monetary policy framework in several advanced economies, where it has enhanced policy transparency and accountability. The paper considers its wider applicability to developing countries. The prerequisites for a successful IT framework are identified as an ability to carry out an independent monetary policy (free of fiscal dominance or commitment to another nominal anchor, like the exchange rate) and a quantitative framework linking policy instruments to inflation. These prerequisites are largely absent among developing countries, though several of them could with some further institutional changes and an overriding commitment to low inflation make use of an IT framework.

Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks

Author : Nils Mæhle
Publisher : International Monetary Fund
ISBN 13 : 1513526855
Total Pages : 57 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks by : Nils Mæhle

Download or read book Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks written by Nils Mæhle and published by International Monetary Fund. This book was released on 2020-02-07 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak.

Inflation Targeting in MENA Countries

Author : Mongi Boughzala
Publisher : Palgrave Macmillan
ISBN 13 : 9781349331390
Total Pages : 0 pages
Book Rating : 4.3/5 (313 download)

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Book Synopsis Inflation Targeting in MENA Countries by : Mongi Boughzala

Download or read book Inflation Targeting in MENA Countries written by Mongi Boughzala and published by Palgrave Macmillan. This book was released on 2011-07-26 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 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.

What Drives Prices in Egypt?

Author :
Publisher : Oxford University Press
ISBN 13 : 9774163036
Total Pages : 263 pages
Book Rating : 4.7/5 (741 download)

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Book Synopsis What Drives Prices in Egypt? by :

Download or read book What Drives Prices in Egypt? written by and published by Oxford University Press. This book was released on 2009 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2004, economic reforms in Egypt have led to robust expansion, a healthy external position, and enhanced investor confidence. But despite these positive macroeconomic developments, inflation has been steadily rising. Does fiscal policy threaten price stability? Does wage growth in the Egyptian economy lead price inflation, or is it the reverse? In this volume, these and other questions are examined by contributors who participated in a conference held in Cairo in late 2007. Here is a coherent and comprehensive analysis of the factors driving prices in Egypt, in an attempt to find a satisfactory balance between prices and economic growth. While Egypt is the focus of the analysis, the papers draw upon the relevant literature, and international experience, the findings can be applied to other middle-income economies. This timely study helps to explain the complex issues facing economists and policymakers, with proposals for reform. Contributors: Hala Abou-Ali, Hala Fares, Omneia A. Helmy, Alaa Ibrahim, Hanaa Kheir-El-Din, Rania Al-Mashat, Diaa Noureldin, Klaus Schmidt-Hebbel, and Sherine Al-Shawarby.

The Egyptian Economy

Author : Hanāʼ Khayr al-Dīn
Publisher : American Univ in Cairo Press
ISBN 13 : 9789774161544
Total Pages : 356 pages
Book Rating : 4.1/5 (615 download)

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Book Synopsis The Egyptian Economy by : Hanāʼ Khayr al-Dīn

Download or read book The Egyptian Economy written by Hanāʼ Khayr al-Dīn and published by American Univ in Cairo Press. This book was released on 2008 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume aims to evaluate the impact of recent reform policies and highlight priority areas for further reform at the macroeconomic and institutional levels. Topics addressed include growth, distribution, and poverty reduction, unemployment and job creation, and the new pension system.

Conditionality in Evolving Monetary Policy Regimes

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498343694
Total Pages : 61 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Conditionality in Evolving Monetary Policy Regimes by : International Monetary Fund

Download or read book Conditionality in Evolving Monetary Policy Regimes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-03 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.

Monetary Issues in the Middle East and North Africa Region

Author : Mr.Simon T Gray
Publisher : International Monetary Fund
ISBN 13 : 1475590563
Total Pages : 176 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Monetary Issues in the Middle East and North Africa Region by : Mr.Simon T Gray

Download or read book Monetary Issues in the Middle East and North Africa Region written by Mr.Simon T Gray and published by International Monetary Fund. This book was released on 2013-05-15 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Inside Inequality in the Arab Republic of Egypt

Author : Paolo Verme
Publisher : World Bank Publications
ISBN 13 : 1464801983
Total Pages : 155 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Inside Inequality in the Arab Republic of Egypt by : Paolo Verme

Download or read book Inside Inequality in the Arab Republic of Egypt written by Paolo Verme and published by World Bank Publications. This book was released on 2014-04-08 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inside Inequality in the Arab Republic of Egypt: Facts and Perceptions Across People, Time, and Space comprises four papers prepared in the framework of the Egypt inequality study financed by the World Bank. The first paper, by Sherine Al-Shawarby, reviews the studies on inequality in Egypt since the 1950s with the double objective of illustrating the importance attributed to inequality through time and of presenting and compare the main published statistics on inequality. The second paper, by Branko Milanovic, turns to the global and spatial dimensions of inequality. The Egyptian society remains deeply divided across space and in terms of welfare, and this study unveils some of the hidden features of this inequality. The third paper, by Paolo Verme, studies facts and perceptions of inequality during the 2000-2009 period, which preceded the Egyptian revolution. The fourth paper, by Sahar El Tawila, May Gadallah, and Enas Ali A.El-Majeed, assesses the state of poverty and inequality among the poorest villages of Egypt. The paper attempts to explain the level of inequality in an effort to disentangle those factors that derive from household abilities from those factors that derive from local opportunities. Inside Inequality in the Arab Republic of Egypt provides some initial elements that could explain the apparent mismatch between inequality measured with household surveys and inequality aversion measured by values surveys. This is a particularly important and timely topic to address in light of the unfolding developments in the Arab region. The book should be of interest to any observer of the political and economic evolution of the Arab region in the past few years and to poverty and inequality specialists interested in a deeper understanding of the distribution of incomes in Egypt and other countries in the Middle East and North Africa region. World Bank Studies are available individually or on standing order. The World Bank Studies series is also available online through the Open Knowledge Repository (https://openknowledge.worldbank.org/) and the World Bank e-Library (www.worldbank.org/elibrary). Book jacket.

The Egyptian Economy in the Twenty-first Century

Author : Khalid Ikram
Publisher : American University in Cairo Press
ISBN 13 : 1649033001
Total Pages : 354 pages
Book Rating : 4.6/5 (49 download)

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Book Synopsis The Egyptian Economy in the Twenty-first Century by : Khalid Ikram

Download or read book The Egyptian Economy in the Twenty-first Century written by Khalid Ikram and published by American University in Cairo Press. This book was released on 2022-11-29 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multi-faceted account of Egyptian economic development by nineteen internationally recognized authorities and the critical challenges the economy is likely to face in the next twenty years The Egyptian Economy in the Twenty-first Century addresses the question of why Egypt, despite possessing a plethora of assets—such as a fertile agriculture, a strategic geographic location, oil and gas deposits, innumerable tourist sites, a labor force prized by regional countries, and a diaspora that remits large amounts of funds—has seldom performed to its economic potential during the last sixty years. Indeed, economic weakness created political weakness, and often exposed the country to foreign diktats. What should the country do to change this state of affairs? Nineteen internationally recognized authorities on the Egyptian economy discuss the critical challenges that the Egyptian economy is likely to face in the next two to three decades, challenges which must be overcome in order to improve the life of Egypt’s citizens and to protect the country from external pressures. Their analyses cover population and employment; development strategies; principal macroeconomic issues; development of a digital economy; fiscal and monetary matters; the external sector; poverty and income distribution; the enterprise structure; higher education; water availability; urbanization; institutional performance; and many others. Contributors: - Gouda Abdel Khalek, Cairo University, Cairo, Egypt - Khaled M. Abu-Zeid, Regional Water Resources, CEDARE (Center for Environment and Development for the Arab Region and Europe), Cairo, Egypt. - Fatma El Ashmawy, World Bank. - Ragui Assaad, University of Minnesota, Twin Cities of Minneapolis and Saint Paul, Minnesota, USA - Izak Atiyas, Economic Research Forum, Cairo, Egypt. - Marwa Biltagy, Cairo University, Cairo, Egypt. - Lahcen Bounader, International Monetary Fund. - Ishac Diwan, École Normale Supérieure, Paris, France. - Ahmed Ghoneim, Cairo University, Cairo, Egypt. - Khalid Ikram, Washington DC, USA. - Karima Korayem, al-Azhar University, Cairo, Egypt. - Heba el-Laithy, Cairo University, Cairo, Egypt. - Noha el-Mikawy, Ford Foundation, Middle East and North Africa, Cairo, Egypt. - Mohamed Mohieddin, Menoufia University, Menoufia, Egypt. - Heba Nassar, Cairo University, Cairo, Egypt. - Osman Mohamed Osman, Cairo, Egypt. - Noha Razek, University of Regina, Regina, Saskatchewan, Canada. - David Sims, Cairo, Egypt. - John Waterbury, Princeton, New Jersey.

An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank

Author : Rania A. Al-Mashat
Publisher : International Monetary Fund
ISBN 13 : 1484379535
Total Pages : 71 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank by : Rania A. Al-Mashat

Download or read book An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank written by Rania A. Al-Mashat and published by International Monetary Fund. This book was released on 2018-10-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting and Policy Analysis System (FPAS) to implement a full-fledged inflation-forecast-targeting (IFT) regime. The components of CBT-IT index include measures of transparency about monetary policy objectives, the FPAS designed to support IFT, and the monetary policymaking process. For the CNB, all three components have shown substantial improvements over time but a few gaps remain. The CNB is currently working on eliminating some of these gaps.

Argentina

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484335740
Total Pages : 83 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Argentina by : International Monetary Fund. Western Hemisphere Dept.

Download or read book Argentina written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2017-12-29 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights that Argentina’s government has made important progress in restoring integrity and transparency in public sector operations. These policy changes have put the economy on a stronger footing and corrected many of the most urgent macroeconomic imbalances. Private consumption strengthened in 2017, supported by greater real wages and buoyant credit growth. With stronger domestic demand, the trade surplus turned into a deficit and the current account deficit increased. Annual inflation has declined from its peak in 2016, but remained relatively resilient and inflation expectations moved up, prompting the central bank to raise interest rates. Going forward, GDP growth is expected to consolidate, inflation inertia will slowly subside, and the fiscal deficit will gradually fall.

What Drives Prices in Egypt?

Author : Hanaa Kheir-El-Din
Publisher : American University in Cairo Press
ISBN 13 : 1617973858
Total Pages : 232 pages
Book Rating : 4.6/5 (179 download)

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Book Synopsis What Drives Prices in Egypt? by : Hanaa Kheir-El-Din

Download or read book What Drives Prices in Egypt? written by Hanaa Kheir-El-Din and published by American University in Cairo Press. This book was released on 2009-10-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2004, economic reforms in Egypt have led to robust expansion, a healthy external position, and enhanced investor confidence. But despite these positive macroeconomic developments, inflation has been steadily rising. Does fiscal policy threaten price stability? Does wage growth in the Egyptian economy lead price inflation, or is it the reverse? In this volume, these and other questions are examined by contributors who participated in a conference held in Cairo in late 2007. Here is a coherent and comprehensive analysis of the factors driving prices in Egypt, in an attempt to find a satisfactory balance between prices and economic growth. While Egypt is the focus of the analysis, the papers draw upon the relevant literature, and international experience, the findings can be applied to other middle-income economies. This timely study helps to explain the complex issues facing economists and policymakers, with proposals for reform. Contributors: Hala Abou-Ali, Hala Fares, Omneia A. Helmy, Alaa Ibrahim, Hanaa Kheir-El-Din, Rania Al-Mashat, Diaa Noureldin, Klaus Schmidt-Hebbel, and Sherine Al-Shawarby.