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The Monetary Transmission Mechanism In Egypt
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Book Synopsis Monetary Policy Transmission in Emerging Markets and Developing Economies by : Mr.Luis Brandao-Marques
Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Book Synopsis The Monetary Transmission Mechanism in Egypt by : Rania A. Al-Mashat
Download or read book The Monetary Transmission Mechanism in Egypt written by Rania A. Al-Mashat and published by International Monetary Fund. This book was released on 2007-12 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the monetary transmission mechanism in Egypt against the background of the central bank's intention to shift to inflation targeting. It first describes the changing transmission channels over the last decade. Second, the channels are evaluated in a VAR model. The exchange rate channel plays a strong role in propagating monetary shocks to output and prices. Most other channels (bank lending, asset price) are rather weak. The interest rate channel is underdeveloped but appears to be strengthening since the introduction of the interest corridor in 2005, which bodes well for adopting inflation targeting over the medium term.
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 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.
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.
Book Synopsis Money and the Mechanism of Exchange by : William Stanley Jevons
Download or read book Money and the Mechanism of Exchange written by William Stanley Jevons and published by . This book was released on 1877 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Transmission Mechanism in Armenia by : International Monetary Fund
Download or read book The Transmission Mechanism in Armenia written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-11-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of inflation targeting in 2006, together with important economic developments such as dedollarization, marked the beginning of a new macroeconomic framework in Armenia, which is likely to have changed the effectiveness of monetary policy. This paper is the first attempt to analyze whether the transmission mechanism in Armenia has been subject to a structural break by employing a Markov-Switching VAR framework. Results support the existence of such a structural break around the time inflation targeting was introduced and reduced levels of dollarization were observed. Results from introducing a threshold variable into this framework furthermore show that reduced levels of dollarization are an important determinant of the effectiveness of monetary policy.
Book Synopsis Monetary Policy, Islamic Finance, and Islamic Corporate Governance by : Toseef Azid
Download or read book Monetary Policy, Islamic Finance, and Islamic Corporate Governance written by Toseef Azid and published by Emerald Group Publishing. This book was released on 2021-06-16 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International overview explores the interrelationships between corporate governance from the perspective of shari’ah, banking industry and monetary policy and is a must-read for students and professionals.
Book Synopsis Inflation in Tajikistan by : Svetlana Vtyurina
Download or read book Inflation in Tajikistan written by Svetlana Vtyurina and published by International Monetary Fund. This book was released on 2010-01-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper attempts to explain short- and long-term dynamics of-and forecast-inflation in Tajikistan using the Vector Error Correction Model (VECM) and Autoregressive Moving Average Model (ARMA). By analyzing different transmission channels through the VECM, we were able to evaluate their relative dominance, magnitude, and speed of transition to the equilibrium price level, with the view of identifying those policy tools that will enhance the effectiveness of monetary policy. We found that excess supply of broad money is inflationary in both the short and long term. The dynamic analysis also demonstrates that the exchange rate and international inflation have a strong impact on local prices. Available monetary instruments, such as the refinancing rate, have proven to be ineffective. Therefore, the Tajik monetary authority could greatly benefit from enhancing its monetary instruments toolkit, including by developing the interest rate channel, to improve its monetary policy execution and to achieve stable inflationary conditions.
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.
Book Synopsis The Global Findex Database 2017 by : Asli Demirguc-Kunt
Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Book Synopsis Monetary and Currency Policy Management in Asia by : Masahiro Kawai
Download or read book Monetary and Currency Policy Management in Asia written by Masahiro Kawai and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
Book Synopsis The Monetary Transmission Mechanism in South Africa by : M. M. Smal
Download or read book The Monetary Transmission Mechanism in South Africa written by M. M. Smal and published by . This book was released on 2001 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Milton Friedman's Monetary Framework by : Robert James Gordon
Download or read book Milton Friedman's Monetary Framework written by Robert James Gordon and published by . This book was released on 1974 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to widespread interest in a formal complete statement analyzing aspects of the money-income relationship and clarification of his quantity theory, Milton Friedman in 1970 published "A Theoretical Framework for Monetary Analysis," and a year later "A Monetary Theory of Nominal Income," both in the Journal of Political Economy. A combined version of these essays, first published by the National Bureau of Economic Research, begins this volume. Because his statement was important and controversial both as a commentary on the history of economic thought and as a theoretical contribution in its own right, the Journal of Political Economy in 1972 presented critical reviews from noted monetary theorists, including Karl Brunner and Allan H. Meltzer, James Tobin, Paul Davidson, and Don Patinkin. Their studies, which are printed in the present volume, focus on substantive issues, covering a variety of topics. All of their major points are discussed in Friedman's reply, which clarifies and expands upon his original themes and introduces interesting new material. Thus the synthesis of his two articles, the critical comments, and his response, together with an introduction by Robert J. Gordon, are combined in one volume for the convenience of scholars and students.
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.
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 Dedollarization by : Annamaria Kokenyne
Download or read book Dedollarization written by Annamaria Kokenyne and published by International Monetary Fund. This book was released on 2010-08-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on the experiences of countries that have successfully dedollarized. Unlike previous work on the subject, this paper examines both macroeconomic stabilization policies and microeconomic measures, such as prudential regulation of the financial system. This study is also the first attempt to make extensive use of the foreign exchange regulation data reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. The main conclusion is that durable dedollarization depends on a credible disinflation plan and specific microeconomic measures.
