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Tunisias Experience With Real Exchange Rate Targeting And The Transition To A Flexible Exchange Rate Regime
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Book Synopsis Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime by : E. Martin
Download or read book Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime written by E. Martin and published by INTERNATIONAL MONETARY FUND. This book was released on 2002-11-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade or so, Tunisia has experienced a strong economic performance while pursuing a constant real exchange rate rule (CRERR). The limitations of this rule are now beginning to emerge in the context of a more open economy, regional integration, a more market-based monetary policy, and the desire to relax capital controls. This paper explores how Tunisia avoided the pitfalls of real exchange rate targeting as predicted by the theoretical models. By estimating the equilibrium real exchange rate based on fundamental variables and assessing different measures of competitiveness, the paper finds no evidence of a misalignment in the current level of the exchange rate.
Book Synopsis Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime by :
Download or read book Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime written by and published by . This book was released on 2002 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tunisia's experience with real exchange rate targeting and the transition to flexible exchange rate regime by : D. Fanizza
Download or read book Tunisia's experience with real exchange rate targeting and the transition to flexible exchange rate regime written by D. Fanizza and published by . This book was released on 2002 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781589062306 Total Pages :32 pages Book Rating :4.0/5 (623 download)
Book Synopsis Choosing Exchange Regimes in the Middle East and North Africa by : International Monetary Fund
Download or read book Choosing Exchange Regimes in the Middle East and North Africa written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-05 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the exchange regimes of five emerging market countries in the Middle East and North Africa region-Egypt, Jordan, Lebanon, Morocco, and Tunisia-and one oil-exporting country-Iran-to see whether they need to consider adopting more flexible arrangements as they further open their economies to trade and capital flows.
Book Synopsis Tunisia Monetary Policy Since the Arab Spring: the Fall of the Exchange Rate Anchor and Rise of Inflation Targeting by : Nicolas End
Download or read book Tunisia Monetary Policy Since the Arab Spring: the Fall of the Exchange Rate Anchor and Rise of Inflation Targeting written by Nicolas End and published by . This book was released on 2020-08-21 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we argue that inflation targeting could be the future of Tunisia's monetary policy. Monetary targeting has proven to be ineffective due to the composition of reserve money, structural liquidity deficit, and higher instability of the money multiplier after 2010. Exchange rate targeting is no longer feasible due to the level of international reserves, current account deficit, and inflation differentials with main trading partners. The Central Bank of Tunisia has already made important progress toward inflation targeting. The paper evidences the existence of increasingly effective interest rate transmission as well as the changing exchange rate passthrough to inflation with the gradual move toward further exchange rate flexibility.
Book Synopsis Tunisia, Staff Report for the ... Article IV Consultation by :
Download or read book Tunisia, Staff Report for the ... Article IV Consultation written by and published by . This book was released on 2003 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1484380320 Total Pages :88 pages Book Rating :4.4/5 (843 download)
Book Synopsis Tunisia by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Tunisia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2018-10-08 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Tunisia’s Fourth Review Under the Extended Fund Facility (EFF) Arrangement and Request for Modification of Performance Criteria (PCs). The recovery has proceeded broadly as expected in the Third Review, notwithstanding elevated socio-political tensions and a further increase in oil prices. Growth accelerated to 2.8 percent in the second quarter driven by agriculture and tourism. The authorities met all Quantitative PCs and implemented two out of the three Structural Benchmarks due for the Fourth Review, notably the competitive central bank foreign exchange auctions. The IMF staff supports the authorities’ request for completion of the Fourth Review under the EFF arrangement.
Book Synopsis Tunisia by : International Monetary Fund
Download or read book Tunisia written by International Monetary Fund and published by . This book was released on 2002 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper for Tunisia presents a literary survey of the research on constant real exchange rate rule (CRERR). It assesses Tunisia's experience with CRERR in terms of inflation performance and discusses possible reasons for Tunisia's apparent success at avoiding the pitfalls of CRERR as predicted by the theoretical models. The paper presents a regression analysis estimating the equilibrium real exchange rate based on different fundamental variables and compares this with the path of the actual exchange rate. The paper also assesses Tunisia's external competitiveness over the past decade using a range of indicators.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1475578067 Total Pages :85 pages Book Rating :4.4/5 (755 download)
Book Synopsis Tunisia by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Tunisia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-12-29 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month Stand-By Arrangement in an amount equivalent to 400 percent of quota (SDR 1.146 billion or about $1.75 billion). To date, SDR 716.25 million, equivalent to $1.1 billion, has been disbursed. Background. Tunisia is completing a successful political transition to democracy while navigating a challenging environment marked by high social and security tensions, slow growth in trading partners, and spillovers from regional conflicts. At the same time, large external and fiscal imbalances, high unemployment, and increased banking fragilities remain the main challenges. Program implementation has been mixed. All quantitative performance criteria have been met. However, progress on the structural reform agenda has been slow, with considerable delays in the recapitalization of public banks and the legislative agenda on the tax, investment and bank asset recovery fronts. Program strategy. The focus should continue to be on short-term macroeconomic stabilization and laying foundations for higher and more inclusive growth, including by moving forcefully on banking reforms. Prudent fiscal and monetary policy, along with improved budget composition and greater exchange rate flexibility, need to be directed to containing high imbalances and anchoring inflationary expectations. Recapitalizing public banks in line with good international practices is urgent in view of mounting risks to financial stability, and is also important in light of its impact on financial intermediation and growth. Progress on structural reforms is necessary to generate the conditions conducive to private sector–led and inclusive growth and protect the most vulnerable. Risks to program implementation are important. The main risks relate to regional and domestic security tensions, delays in forming a new government, shortfalls in official and market financing, or a further deterioration of the international economic environment. The implementation of program policies will continue to be tested by opposition from vested interests; however, support for the reform agenda among the authorities and a broad spectrum of political parties represents a key risk-mitigating measure. The completion of the fifth review will make SDR 71.625 million (about $110 million) available.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1498368875 Total Pages :87 pages Book Rating :4.4/5 (983 download)
Book Synopsis Tunisia by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Tunisia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-09-15 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month Stand-By Arrangement in an amount equivalent to 400 percent of quota (SDR 1.146 billion or about $1.75 billion). To date, SDR 573 million equivalent to $877 million has been disbursed. The pillars of the program are to: (i) achieve short-term macroeconomic stability; (ii) lay the foundation for stronger and more inclusive growth; and (iii) protect the most vulnerable. Background. Progress in the political transition is leading to increased donor support this year, including from regional partners. On the economic front, growth remains timid, headline inflation has increased, and rising external imbalances have continued to put pressure on foreign reserves. Program implementation has been satisfactory. All quantitative performance criteria have been met. On the structural reform agenda, the authorities have made up for some key delays in areas that include reforming public banks, setting up a household support program, and the tax administration modernization agenda. Program strategy. Prudent fiscal policy, tighter monetary policy, and greater exchange rate flexibility need to be sustained and intensified to contain high external and fiscal deficits, anchor inflationary expectations, and bolster the still lackluster investors’ confidence. Important steps have been taken to strengthen the financial system, notably with the design of public bank restructuring plans, but implementation will be key. Progress on structural reforms—in particular, to improve the business climate—is critical for improving the conditions for private sector-led and inclusive growth. Risks to program implementation are important. Main risks relate to regional and domestic security tensions, setbacks in the political transition, and weaker economic activity in major trading partners. The implementation of program policies will continue to be tested by a difficult social environment and opposition from vested interests. The completion of the fourth review will make SDR 143.25 million (about $220 million) available.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1484394909 Total Pages :86 pages Book Rating :4.4/5 (843 download)
Book Synopsis Tunisia by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Tunisia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-05-19 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month SBA in an amount equivalent to 400 percent of quota (SDR 1.15 billion or about $1.75 billion). To date, SDR 427.92 equivalent to $659 million has been disbursed. The pillars of the program are to: (i) achieve short-term macroeconomic stability; (ii) lay the foundation for stronger and more inclusive growth; and (iii) protect the most vulnerable. Background. The adoption of a new constitution and the formation of a new technocratic government in January 2014 led to greater confidence on political prospects and economic reforms. Growth has been moderate and remains insufficient to bring down unemployment significantly in the short term. At the same time, external and fiscal imbalances remain high, while demands for higher wages and additional jobs are rising. The program is broadly on track. Two out of three 2013 end-December quantitative performance criteria (QPC) targets have been missed, but by a smaller margin than originally envisaged, and all end-March 2014 QPCs are expected to be met. Progress on the structural reform agenda has been slowed by last year’s political crisis and the transition between governments. Program strategy. Containing current expenditures, and pursuing prudent monetary policy and greater exchange rate flexibility are essential to contain high external and fiscal deficits and to build investors’ confidence. Improved banking regulation, a strategic orientation of public banks, and strengthened supervision will help reduce banking sector fragilities, which are currently hampering private sector development. Scaling up public investments, reforming tax policy and revenue administration, accelerating public enterprise reform, and protecting the most vulnerable will help lay the foundations for more inclusive growth and level the playing field for investors. Risks to program implementation are important. Main risks relate to regional and domestic security tensions, set-backs in the political transition, and weaker economic activity in major trading partners. Successful implementation of the Fund-supported program will be contingent on the government’s ability to garner consensus among political parties backing it and on its capacity to push reforms through vested interests. The completion of the third review will make SDR 145.08 million (about $225 million) available.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1498350763 Total Pages :87 pages Book Rating :4.4/5 (983 download)
Book Synopsis Tunisia by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Tunisia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-09-15 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month Stand-By Arrangement in an amount equivalent to 400 percent of quota (SDR 1.146 billion or about $1.75 billion). To date, SDR 573 million equivalent to $877 million has been disbursed. The pillars of the program are to: (i) achieve short-term macroeconomic stability; (ii) lay the foundation for stronger and more inclusive growth; and (iii) protect the most vulnerable. Background. Progress in the political transition is leading to increased donor support this year, including from regional partners. On the economic front, growth remains timid, headline inflation has increased, and rising external imbalances have continued to put pressure on foreign reserves. Program implementation has been satisfactory. All quantitative performance criteria have been met. On the structural reform agenda, the authorities have made up for some key delays in areas that include reforming public banks, setting up a household support program, and the tax administration modernization agenda. Program strategy. Prudent fiscal policy, tighter monetary policy, and greater exchange rate flexibility need to be sustained and intensified to contain high external and fiscal deficits, anchor inflationary expectations, and bolster the still lackluster investors’ confidence. Important steps have been taken to strengthen the financial system, notably with the design of public bank restructuring plans, but implementation will be key. Progress on structural reforms—in particular, to improve the business climate—is critical for improving the conditions for private sector-led and inclusive growth. Risks to program implementation are important. Main risks relate to regional and domestic security tensions, setbacks in the political transition, and weaker economic activity in major trading partners. The implementation of program policies will continue to be tested by a difficult social environment and opposition from vested interests. The completion of the fourth review will make SDR 143.25 million (about $220 million) available.
Book Synopsis Broad Money Demand and Monetary Policy in Tunisia by : Volker Treichel
Download or read book Broad Money Demand and Monetary Policy in Tunisia written by Volker Treichel and published by International Monetary Fund. This book was released on 1997-03 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. Central Banks in many countries rely on a money demand function both as a means to identify medium-term growth targets for the money supply, but also to manipulate interest rates and the reserve money for the purpose of controlling total liquidity in the economy. The usefulness of a money demand function in the conduct of monetary policy depends crucially on its stability. In the absence of a stable money demand function, monetary growth targets might be inconsistent with developments in the real economy, interest rate targets may be out of line with the planned growth of the money supply and the targeted monetary aggregate might not be an appropriate reflection of total liquidity in the economy. In a number of countries (e.g., United States, Great Britain), demand for money functions were found to be unstable in the aftermath of financial sector reforms and the emergence of new financial assets. As a consequence, many Central Banks have abandoned monetary targets and base their monetary policy on a combination of indicators such as the exchange rate, nominal GDP or the inflation rate.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781589062733 Total Pages :130 pages Book Rating :4.0/5 (627 download)
Book Synopsis IMF Macroeconomic Research on Low-Income Countries by : International Monetary Fund
Download or read book IMF Macroeconomic Research on Low-Income Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-01-30 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: Summarizes the for ward-looking analytical work program on macroeconomic issues related to the Poverty Reduction Strategy Paper approach. The program is evolving through a process that began with a technical workshop; participants from low-income countries, donors, academia, and civil society drafted guidance on selected issues and identified priority research topics. Partners, policymakers, and economic scholars are encouraged to share their perspectives and findings through respective team leaders, whose e-mail addresses are provided. The publication also summarizes IMF analytical work, and contains a bibliography of nearly 1,000 papers.
Book Synopsis The Interaction Between Exchange Rate Regime and Economic Growth by : Amaira Bouzid
Download or read book The Interaction Between Exchange Rate Regime and Economic Growth written by Amaira Bouzid and published by . This book was released on 2017 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits, empirically, the question of whether the choice of exchange rate regime (floating currency, fixed rate or intermediate arrangement) has a direct effect on the long-term growth in Tunisia over a period from 1990 to 2014. The results show that both series are integrated of order one (I(1)), the existence of a long-term relationship between exchange rate regime and economic growth and Granger pairwise causality test revealed unidirectional causality from real GDP to exchange rate regime (RCt). Our results indicate the absence of any robust relation between the choice of exchange rate regime and economic growth. The policy implication of these findings is clear. The choice of exchange rate policy has no direct impact on the long-term growth of Tunisian economy.
Book Synopsis OECD Economic Surveys: Tunisia 2022 by : OECD
Download or read book OECD Economic Surveys: Tunisia 2022 written by OECD and published by OECD Publishing. This book was released on 2022-04-04 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tunisians are facing the worst crisis in a generation, as COVID-19 hit an economy that was already slowing down. Macroeconomic policy through fiscal stimulus and monetary easing limited the depth and severity of the recession, but the pandemic has exacerbated structural weaknesses, in particular low investment and job creation, high unemployment and informality, mismatch between skills demand and supply, and outward migration of high-skilled professionals.
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.
