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Monetary Policy Transmission Mechanism In Gulf Cooperation Council Countries
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Book Synopsis U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter? by : Mr.Olumuyiwa S Adedeji
Download or read book U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter? written by Mr.Olumuyiwa S Adedeji and published by International Monetary Fund. This book was released on 2019-12-27 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides empirical evidence that the size of the spillovers from U.S. monetary policy to non-oil GDP growth in the GCC countries depends on the level of oil prices. The potential channels through which oil prices could affect the effectiveness of monetary policy are discussed. We find that the level of oil prices tends to dampen or amplify the growth impact of changes in U.S. monetary policy on the non-oil economies in the GCC.
Book Synopsis Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead by : Ms.May Y Khamis
Download or read book Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead written by Ms.May Y Khamis and published by International Monetary Fund. This book was released on 2010-07-21 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Departmental papers are usually focused on a specific economic topic, country, or region. They are prepared in a timely way to support the outreach needs of the IMF’s area and functional departments.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :74 pages Book Rating :4.4/5 (2 download)
Book Synopsis Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2023-12-14 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.
Book Synopsis Monetary Issues in the Middle East and North Africa Region by : Mr.Simon Gray
Download or read book Monetary Issues in the Middle East and North Africa Region written by Mr.Simon Gray and published by International Monetary Fund. This book was released on 2013-05-10 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.
Book Synopsis Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries by : Mr.Serhan Cevik
Download or read book Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2012-07-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms - strengthening financial intermediation and facilitating the development of liquid domestic capital markets - would advance the effectiveness of monetary transmission mechanisms in the GCC countries.
Book Synopsis Money in the Middle East and North Africa by : David Cobham
Download or read book Money in the Middle East and North Africa written by David Cobham and published by Routledge. This book was released on 2010-12-07 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on the editors’ earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, this book emphasises monetary policy strategies and frameworks. It fills an important gap providing multi-country and single-country studies on monetary policy in post-civil war Lebanon, Egypt, Jordan, the Palestinian Territory and Turkey.
Book Synopsis Gulf Cooperation Council by : International Monetary Fund
Download or read book Gulf Cooperation Council written by International Monetary Fund and published by International Monetary Fund. This book was released on 2017-12-14 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global economic activity is gaining momentum. Global growth is forecast at 3.6 percent this year, and 3.7 percent in 2018, compared to 3.2 percent in 2016. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term. The more positive global growth environment should support somewhat stronger oil demand. With inflation in advanced countries remaining subdued, monetary policy is expected to remain accommodative. GCC countries are continuing to adjust to lower oil prices. Substantial fiscal consolidation has taken place in most countries, mainly focused on expenditure reduction. This is necessary, but it has weakened non-oil growth. With the pace of fiscal consolidation set to slow, non-oil growth is expected to increase to 2.6 percent this year, from 1.8 percent last year. However, because of lower oil output, overall real GDP growth is projected to slow to 0.5 percent in 2017 from 2.2 percent in 2016. Growth prospects in the medium-term remain subdued amid relatively low oil prices and geopolitical risks. Policymakers have made a strong start in adjusting fiscal policy. While the needed pace of fiscal adjustment varies across countries depending on the fiscal space available, in general countries should continue to focus on recurrent expenditure rationalization, further energy price reforms, increased non-oil revenues, and improved efficiency of capital spending. Fiscal consolidation should be accompanied by a further improvement in fiscal frameworks and institutions. The direction of fiscal policy in the GCC is broadly consistent with these recommendations. Policies should continue to be geared toward managing evolving liquidity situations in the banking system and supporting the private sector’s access to funding. While countries have made progress in enhancing their financial policy frameworks, strengthening liquidity forecasting and developing liquidity management instruments will help banks adjust to a tighter liquidity environment. Banks generally remain profitable, well capitalized, and liquid, but with growth expected to remain relatively weak, the monitoring of financial sector vulnerabilities should continue to be enhanced. Diversification and private sector development will be needed to offset lower government spending and ensure stronger, sustainable, and inclusive growth. This will require stepped-up reforms to improve the business climate and reduce the role of the public sector in the economy through privatization and PPPs. Reforms are needed to increase the incentives for nationals to work in the private sector and for private sector firms to hire them. Increasing female participation in the labor market and employment would benefit productivity and growth across the region. Where fiscal space is available, fiscal policy can be used to support the structural reforms needed to boost private sector growth and employment.
Book Synopsis Monetary Operations and Islamic Banking in the GCC by : Ms.Ritu Basu
Download or read book Monetary Operations and Islamic Banking in the GCC written by Ms.Ritu Basu and published by International Monetary Fund. This book was released on 2015-11-12 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The assessment provides evidence of market segmentation across Islamic and conventional banks in the Gulf Cooperation Council (GCC), leading to excess liquidity, and an uneven playing field for Islamic banks that might affect their growth. Liquidiy management has been a long-standing concern in the global Islamic finance industry as there is a general lack of Shari’ah compliant instruments than can serve as high-quality short-term liquid assets. The degree of segmentation and bank behavior varies across countries depending on Shari’ah permissibility and the availability of Shari’ah-compliant instruments. A partial response would be to support efforts to build Islamic liquid interbank and money markets, which are crucial for monetary policy transmission through the Islamic financial system.This can be achieved, to a large extent, by deepening Islamic government securities and developing Shari’ah-compliant money market instruments.
Book Synopsis Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries by : Serhan Cevik
Download or read book Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries written by Serhan Cevik and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The originality and significance of the paper are in constructing and analyzing "synthetic" aggregate variables for the GCC as a whole. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms -- strengthening financial intermediation and facilitating the development of liquid domestic capital markets -- would advance the effectiveness of monetary transmission mechanisms in the GCC countries.
Book Synopsis Islamic Monetary Economics and Institutions by : Muhamed Zulkhibri
Download or read book Islamic Monetary Economics and Institutions written by Muhamed Zulkhibri and published by Springer Nature. This book was released on 2019-10-01 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume explores theoretical and empirical issues related to monetary economics and policy in the Islamic financial system. Derived from the Conference on Islamic Monetary Economics and Institutions: Theory and Practice 2017 held in Malé, Maldives, the enclosed papers highlights several option for authorities and regulatory bodies regarding monetary policy and regulation, as well as discussing how Islamic monetary policy effects growth, financial stability and resilience to shocks in practice. The inter-linkage between Islamic monetary policy and other markets are also explored. The subject of Islamic economics has gained considerable attention in the last four decades with the emergence of Islamic financial institutions around the world. This phenomenon has motivated economists to develop a comprehensive theoretical framework of modern monetary economics for Islamic economic system. An important characteristic of the Islamic economic system is the abolition of interest from the financial system. Islamic monetary economics is distinguished from conventional monetary economics due to the absence of interest. Therefore, under the Islamic economic system, monetary policy has to depend on other tools. In the early theoretical literature on Islamic monetary economics, many have discussed the role of money in Islamic economics system, while the number of empirical studies on Islamic monetary economics is a relatively new phenomenon. According to Islamic scholars, there are three main goals of Islamic monetary policy: a) economic well-being with full employment and optimum rate of economic growth; b) socioeconomic justice and equitable distribution of income and wealth and c) stability in the value of money. Hence, the Islamic monetary policy has several socioeconomic and ethical implications. Featuring regional case studies, this book serves as a valuable resource for academics, scholars, practitioners and policy makers in the areas of Islamic economics and finance.
Book Synopsis Monetary Policy in the Presence of Islamic Banking by : Mariam El Hamiani Khatat
Download or read book Monetary Policy in the Presence of Islamic Banking written by Mariam El Hamiani Khatat and published by International Monetary Fund. This book was released on 2016-03-18 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :International Monetary Fund. Monetary and Financial Systems Dept. Publisher :International Monetary Fund ISBN 13 :1498330045 Total Pages :39 pages Book Rating :4.4/5 (983 download)
Book Synopsis Monetary Policy Implementation at Different Stages of Market Development by : International Monetary Fund. Monetary and Financial Systems Dept.
Download or read book Monetary Policy Implementation at Different Stages of Market Development written by International Monetary Fund. Monetary and Financial Systems Dept. and published by International Monetary Fund. This book was released on 2004-10-26 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Bridging the Gulf: EU-GCC Relations at a Crossroads by : Silvia Colombo
Download or read book Bridging the Gulf: EU-GCC Relations at a Crossroads written by Silvia Colombo and published by Edizioni Nuova Cultura. This book was released on 2014-05-27 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Relations between the European Union (EU) and the Gulf Cooperation Council (GCC) are at a crossroads. After the derailment of the negotiations for the Free Trade Agreement (FTA) in 2008, the cooperation between the two regional blocs has remained low-key in a number of different areas, while the unprecedented changes that have taken place in North Africa and the Middle East, the common neighbourhood of the EU and the GCC, have not led to a renewed, structured cooperation on foreign and security policy issues. This volume addresses the shortcomings and potential of EU-GCC relations by taking stock of their past evolution and by advancing policy recommendations as to how to revamp this strategic cooperation. In this light, it highlights the areas where greater room for manoeuvre exists in order to enhance EU-GCC relations, discusses the instruments available and sheds light on the features of the regional and international context that are likely to significantly influence the new phase in the mutual relation between the two blocs. The book is the result of the research conducted in the framework of the project ‘Sharaka – Enhancing Understanding and Cooperation in EU-GCC Relations’ co-funded by the European Commission.
Book Synopsis Political, Economic and Financial Country Risk by : Mohamed A. Ramady
Download or read book Political, Economic and Financial Country Risk written by Mohamed A. Ramady and published by Springer Science & Business Media. This book was released on 2013-10-19 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Decades go by and nothing happens; then weeks go by and decades happen”. This apt saying encapsulates the dramatic convulsions taking place across the Arab world that first erupted in 2011 in Tunisia and which rapidly spread to other countries. These events have affected the lives of ordinary citizens in many more ways than had been intended when the ‘Arab Spring’ broke out, with the endgame still not very clear as demonstrated in countries like Egypt, Syria and Libya. By comparison, with some exceptions, the six countries comprising the Gulf Cooperation Council have been relatively unaffected by the general turbulence and uncertainties lapping around them. However, geopolitical shifts involving global superpower rivalries, combined with revolutionary breakthroughs in the non-conventional hydrocarbon energy sector are threatening to challenge the importance of the Arabian Gulf as the world’s leading suppliers of energy, putting their economies under fiscal stress. The author examines such challenges by: • Providing the first in-depth statistical analytical assessment of the GCC countries using monthly data over the period 2001 -2013 for the three risk categories- economic, financial and political risks- and their sub –components so as to enable policymakers enhance components with low risk , while addressing components with perceived higher risk, • Assessing FDI and capital inflows and outflows before and after the “Arab Spring” , and how to encourage FDI inflows, • Inter –Arab and GCC trade and synergies in power transmission , transportation links and establishing new hubs of centers of manufacturing excellence , • Exploring private sector-led growth models to reduce forecasted unemployment. Being complacent is not an option for the GCC. The aim of the book is that having a better understanding of each of the GCC countries’ individual risk parameters will enable the GCC meet future challenges and reduce the chances of a negative ‘Arab Spring’ occurring in the region. Mohamed Ramady is a Visiting Associate Professor at the Department of Finance and Economics, King Fahd University of Petroleum and Minerals. His main research interests are the economics of the Middle East and Saudi Arabia in particular, as well as money and banking He also held senior positions with international financial institutions in the Arabian Gulf and Europe.
Book Synopsis Staff Guidance Note on Macroprudential Policy by : International Monetary Fund
Download or read book Staff Guidance Note on Macroprudential Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
Book Synopsis Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects by : Mr.Raphael A. Espinoza
Download or read book Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects written by Mr.Raphael A. Espinoza and published by International Monetary Fund. This book was released on 2010-10-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to a dynamic panel estimated over 1995 - 2008 on around 80 banks in the GCC region, the NPL ratio worsens as economic growth becomes lower and interest rates and risk aversion increase. Our model implies that the cumulative effect of macroeconomic shocks over a three year horizon is indeed large. Firm-specific factors related to risk-taking and efficiency are also related to future NPLs. The paper finally investigates the feedback effect of increasing NPLs on growth using a VAR model. According to the panel VAR, there could be a strong, albeit short-lived feedback effect from losses in banks’ balance sheets on economic activity, with a semi-elasticity of around 0.4.
Book Synopsis Frameworks for Monetary Stability by : Mr.Carlo Cottarelli
Download or read book Frameworks for Monetary Stability written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1994-12-15 with total page 772 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, edited by Tomás J.T. Baliño and Carlo Cottarelli, addresses some of the strategic issues faced by policymakers in the choice of a monetary regime. Following an overview of some of these issues, the book considers the various theoretical or practical frameworks for the implementation of monetary policy. It then focuses on how monetary policy should be implemented.
