Monetary Policy And Central Banking In The Middle East And North Africa

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Monetary Policy and Central Banking in the Middle East and North Africa

David Cobham,Ghassan Dibeh
Monetary Policy and Central Banking in the Middle East and North Africa Book PDF

Author : David Cobham,Ghassan Dibeh
Publisher : Routledge
Page : 287 pages
File Size : 54,5 Mb
Release : 2009-01-13
Category : Business & Economics
ISBN : 9781134023769

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Monetary Policy and Central Banking in the Middle East and North Africa by David Cobham,Ghassan Dibeh Pdf

This book examines monetary policy, central banking and exchange rate regimes in the Middle East and North Africa. Part I covers central banking and monetary policy, while Part II covers monetary policy and exchange rate regimes. Some chapters focus on the monetary frameworks of particular countries, including Lebanon, Algeria, Syria, Tunisia, Morocco, and Turkey, outlining the different systems operated in each case, considering their successes and failures, and discussing important issues such as government policy, macroeconomic performance, inflation and inflation targeting, central bank independence and the impact of broader political economic developments on the conduct of monetary policy. Other chapters cover thematic issues across the whole region, including: central bank independence, operations of debtor central banks, the effect of exchange rates on inflation, and the effect on countries’ trade of alternative exchange rate regimes. Drawing on the insights of scholars and policy-makers, this book is a vital resource for anyone wanting to understand the economies of the Middle East and North Africa.

Money in the Middle East and North Africa

David Cobham,Ghassan Dibeh
Money in the Middle East and North Africa Book PDF

Author : David Cobham,Ghassan Dibeh
Publisher : Routledge
Page : 296 pages
File Size : 50,9 Mb
Release : 2010-12-07
Category : Business & Economics
ISBN : 9781136864155

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Money in the Middle East and North Africa by David Cobham,Ghassan Dibeh Pdf

Monetary policy in the Middle East and North African (MENA) countries remains an understudied area; this book fills an important gap by examining monetary policy frameworks and monetary policy strategies in the region. Building on the editors’ earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, which focused on central bank independence issues and on exchange rate regimes, this book emphasises monetary policy strategies. Part I contains an overview of the financial markets and institutions which condition the choice of monetary policy strategy in the countries of the region, followed by single-country studies on aspects of the monetary policy frameworks of Lebanon, Egypt, Jordan, the Palestinian Territory and Turkey. Part II includes analyses of the prospects for inflation targeting in Egypt, Morocco and Tunisia, of the monetary transmission mechanism in the Gulf Cooperation Council countries, of the relative advantages of inflation targeting and exchange rate fixity with reference to Egypt, of the problem of fiscal dominance in Egypt, and of the inflationary implications of exchange rate fixity for Saudi Arabia and Kuwait. The contributors are experts from universities inside and outside the MENA region, from central banks in the region and from outside institutions such as the European Central Bank and the International Monetary Fund.

Monetary Issues in the Middle East and North Africa Region

Mr.Simon Gray,Mr.Philippe D Karam
Monetary Issues in the Middle East and North Africa Region Book PDF

Author : Mr.Simon Gray,Mr.Philippe D Karam
Publisher : International Monetary Fund
Page : 176 pages
File Size : 54,9 Mb
Release : 2013-05-10
Category : Business & Economics
ISBN : 9781484349038

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Monetary Issues in the Middle East and North Africa Region by Mr.Simon Gray,Mr.Philippe D Karam Pdf

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.

Financial Development and Growth in the Middle East and North Africa

Ms.Susan Creane,Mr.Ahmed Mushfiq Mobarak,MissRanda Sab,Rishi Goyal
Financial Development and Growth in the Middle East and North Africa Book PDF

Author : Ms.Susan Creane,Mr.Ahmed Mushfiq Mobarak,MissRanda Sab,Rishi Goyal
Publisher : International Monetary Fund
Page : 28 pages
File Size : 45,5 Mb
Release : 2003-09-05
Category : Business & Economics
ISBN : 1589062310

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Financial Development and Growth in the Middle East and North Africa by Ms.Susan Creane,Mr.Ahmed Mushfiq Mobarak,MissRanda Sab,Rishi Goyal Pdf

In this study, the authors assess financial sector development in the MENA regionand propose several policy measures, which include reinforcing the institutional environment and promoting nonbank financial sector development, to enhance this sector’s performance.

Central Bank Digital Currencies in the Middle East and Central Asia

Serpil Bouza,Bashar Hlayhel,Thomas Kroen,Mr. Marcello Miccoli,Borislava Mircheva,Greta Polo,Sahra Sakha,Yang Yang
Central Bank Digital Currencies in the Middle East and Central Asia Book PDF

Author : Serpil Bouza,Bashar Hlayhel,Thomas Kroen,Mr. Marcello Miccoli,Borislava Mircheva,Greta Polo,Sahra Sakha,Yang Yang
Publisher : International Monetary Fund
Page : 66 pages
File Size : 54,8 Mb
Release : 2024-04-26
Category : Business & Economics
ISBN : 9798400263798

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Central Bank Digital Currencies in the Middle East and Central Asia by Serpil Bouza,Bashar Hlayhel,Thomas Kroen,Mr. Marcello Miccoli,Borislava Mircheva,Greta Polo,Sahra Sakha,Yang Yang Pdf

Against the backdrop of a rapidly digitalizing world, there is a growing interest in central bank digital currencies (CBDCs) among central banks, including in the Middle East and Central Asia (ME&CA) region. This paper aims to support ME&CA policymakers in examining key questions when considering the adoption of a CBDC while underscoring the importance of country-specific analyses. This paper does not provide recommendations on CBDC issuance. Instead, it frames the discussion around the following key questions: What is a CBDC? What objectives do policymakers aim to achieve with the issuance of a CBDC? Which inefficiencies in payment systems can CBDCs address? What are the implications of CBDC issuance for financial stability and central bank operational risk? How can CBDC design help achieve policy objectives and mitigate these risks? The paper provides preliminary answers to these questions at the regional level. A survey of IMF teams and public statements from ME&CA policymakers confirm that promoting financial inclusion and making payment systems more efficient (domestic and cross-border) are the top priorities in the region. Payment services through CBDCs, if offered at a lower cost than existing alternatives, could spur competition in the payment market and help increase access to bank accounts, improve financial inclusion, and update legacy technology platforms. CBDCs may also help improve the efficiency of cross-border payment services, especially if designed to address frictions arising from a lack of payment system interoperability, complex processing of compliance checks, long transaction chains, and weak competition. At the same time, CBDCs could negatively impact bank profitability while introducing a substantial operational burden for central banks. However, the exact economic and financial impacts of CBDCs need further study and would depend on estimates of CBDC demand, which are uncertain and country- dependent. CBDC issuance and adoption is a long journey that policymakers should approach with care. Policymakers need to analyze carefully whether a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, in addition to risks for the financial system and operational risks for the central bank.

Are Banks Really Lazy? Evidence from Middle East and North Africa

Mr.Simon Gray,Mr.Philippe D Karam,Rima Turk Ariss
Are Banks Really Lazy Evidence from Middle East and North Africa Book PDF

Author : Mr.Simon Gray,Mr.Philippe D Karam,Rima Turk Ariss
Publisher : International Monetary Fund
Page : 40 pages
File Size : 50,9 Mb
Release : 2014-05-13
Category : Business & Economics
ISBN : 9781484386460

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Are Banks Really Lazy? Evidence from Middle East and North Africa by Mr.Simon Gray,Mr.Philippe D Karam,Rima Turk Ariss Pdf

We investigate whether low loan-to-deposit (LTD) ratios and high levels of reserve balances at the central bank (or holdings of government securities) are a reflection of policy-driven factors compared to commonly cited reasons of reluctance to lend or sometimes weak investment demand in uncertain environments. We examine changes to central bank (CB) balance sheet structures as well as commercial banks’ flow of funds over the period 2007–2012. First, Middle East and North Africa (MENA) CBs play an active role in view of their size that is very large with respect to their economies compared to CBs in advanced economies. Second, under exchange rate targeting, most MENA CB balance sheets are asset-driven, holding foreign exchange (FX) reserves to support the exchange rate policy and resulting in lower loan-to-deposit (LTD) ratios in the case of unsterilized increases in FX. Third, CB policy decisions seem to be accompanied by an increase in commercial bank reserve money balances, with ensuing reduction in the LTD. Finally, if governments meet their financing needs from the banking system—whether from commercial banks or by monetary financing—commercial bank balance sheets will tend to expand, resulting in lower LTD ratios. Our analysis suggests that government and CB actions may also drive the demand for and supply of credit, which are traditionally attributed to the behavior of banks and non-financial corporates and households only. The findings offer a different interpretation of changes in CB and banks’ balance sheets, with direct implications for LTD, calling to exercise caution in recommending policy action which aim at propping up LTD to ‘appropriate’ levels in an effort to reinvigorate credit following a downturn.

Financial Sector Development in the Middle East and North Africa

Susan Creane,Rishi Goyal,Randa Sab,A. Mushfiq Mobarak
Financial Sector Development in the Middle East and North Africa Book PDF

Author : Susan Creane,Rishi Goyal,Randa Sab,A. Mushfiq Mobarak
Publisher : Unknown
Page : 54 pages
File Size : 54,7 Mb
Release : 2004-10-01
Category : Africa, North
ISBN : 6613821705

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Financial Sector Development in the Middle East and North Africa by Susan Creane,Rishi Goyal,Randa Sab,A. Mushfiq Mobarak Pdf

Based on data collected on a wide range of financial sector indicators, new indices of financial development for countries in the Middle East and North Africa (MENA) are constructed, encompassing six themes: development of the monetary sector and monetary policy, banking sector development, nonbank financial development, regulation and supervision, financial openness, and institutional quality. The paper finds that the degree of financial development varies across the region. Some countries have relatively well-developed banking sectors and regulatory and supervisory regimes. However, across the region, more needs to be done to reinforce the institutional environment and promote nonbank financial sector development. Based on a subset of indicators, the MENA region is found to compare favorably with a few other regions, but it ranks far behind the industrialized countries and East Asia.

Financial Access and Stability

The World Bank
Financial Access and Stability Book PDF

Author : The World Bank
Publisher : World Bank Publications
Page : 370 pages
File Size : 49,5 Mb
Release : 2011-09-21
Category : Business & Economics
ISBN : 9780821388563

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Financial Access and Stability by The World Bank Pdf

The countries of the Middle East and North Africa (MENA) have been recovering from the global financial crisis, but the recent political turmoil has interrupted the pace of credit and output recovery in many countries. The political turmoil in the MENA region reveals deep-seated frustrations and a sense of political, social, and economic exclusion, especially among the youth. The relatively weak growth performance reflects a combination of insufficient reforms and weak reform implementation, including financial sector reforms. The structural weaknesses of financial sectors imply that access to finance may remain restricted even with a full recovery of credit activity. Therefore, the region s countries face an ambitious reform agenda to revert two decades of relatively poor performance of output and employment growth. Financial development should be a central component of the region s growth agenda. This study reviews the region s financial systems, the severity of the limitations on access to finance, and the main factors behind such limitations. It goes on to provide a road map for expanding access and preserving financial stability.

Financial Sector Development in the Middle East and North Africa

Rishi Goyal,A. Mushfiq Mobarak,Susan Creane,Randa Sab
Financial Sector Development in the Middle East and North Africa Book PDF

Author : Rishi Goyal,A. Mushfiq Mobarak,Susan Creane,Randa Sab
Publisher : INTERNATIONAL MONETARY FUND
Page : 52 pages
File Size : 40,8 Mb
Release : 2004-10-01
Category : Electronic
ISBN : 1451874383

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Financial Sector Development in the Middle East and North Africa by Rishi Goyal,A. Mushfiq Mobarak,Susan Creane,Randa Sab Pdf

Based on data collected on a wide range of financial sector indicators, new indices of financial development for countries in the Middle East and North Africa (MENA) are constructed, encompassing six themes: development of the monetary sector and monetary policy, banking sector development, nonbank financial development, regulation and supervision, financial openness, and institutional quality. The paper finds that the degree of financial development varies across the region. Some countries have relatively well-developed banking sectors and regulatory and supervisory regimes. However, across the region, more needs to be done to reinforce the institutional environment and promote nonbank financial sector development. Based on a subset of indicators, the MENA region is found to compare favorably with a few other regions, but it ranks far behind the industrialized countries and East Asia.

Opportunity for All

International Monetary Fund. Middle East and Central Asia Dept.
Opportunity for All Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 124 pages
File Size : 41,8 Mb
Release : 2018-07-17
Category : Political Science
ISBN : 9781484368633

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Opportunity for All by International Monetary Fund. Middle East and Central Asia Dept. Pdf

This publication brings together a set of IMF papers that prepared as backgrounds for the various sessions of the conference and will help put into broader dissemination channels the results of this important conference. An official IMF publication is well disseminated into academic and institutional libraries and book channels. The IMF metadata will also make the conference papers more discoverable online.

Financial Sector Development in the Middle East and North Africa

Susan Creane
Financial Sector Development in the Middle East and North Africa Book PDF

Author : Susan Creane
Publisher : Unknown
Page : 53 pages
File Size : 49,6 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291217283

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Financial Sector Development in the Middle East and North Africa by Susan Creane Pdf

Based on data collected on a wide range of financial sector indicators, new indices of financial development for countries in the Middle East and North Africa (MENA) are constructed, encompassing six themes: development of the monetary sector and monetary policy, banking sector development, nonbank financial development, regulation and supervision, financial openness, and institutional quality. The paper finds that the degree of financial development varies across the region. Some countries have relatively well-developed banking sectors and regulatory and supervisory regimes. However, across the region, more needs to be done to reinforce the institutional environment and promote nonbank financial sector development. Based on a subset of indicators, the MENA region is found to compare favorably with a few other regions, but it ranks far behind the industrialized countries and East Asia.

Monetary Policy and Central Banking in the Middle East and North Africa

David Cobham,Ghassan Dibeh
Monetary Policy and Central Banking in the Middle East and North Africa Book PDF

Author : David Cobham,Ghassan Dibeh
Publisher : Routledge
Page : 262 pages
File Size : 40,5 Mb
Release : 2009-01-13
Category : Business & Economics
ISBN : 9781134023776

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Monetary Policy and Central Banking in the Middle East and North Africa by David Cobham,Ghassan Dibeh Pdf

This book examines monetary policy, central banking and exchange rate regimes in the Middle East and North Africa. Part I covers central banking and monetary policy, while Part II covers monetary policy and exchange rate regimes. Some chapters focus on the monetary frameworks of particular countries, including Lebanon, Algeria, Syria, Tunisia, Morocco, and Turkey, outlining the different systems operated in each case, considering their successes and failures, and discussing important issues such as government policy, macroeconomic performance, inflation and inflation targeting, central bank independence and the impact of broader political economic developments on the conduct of monetary policy. Other chapters cover thematic issues across the whole region, including: central bank independence, operations of debtor central banks, the effect of exchange rates on inflation, and the effect on countries’ trade of alternative exchange rate regimes. Drawing on the insights of scholars and policy-makers, this book is a vital resource for anyone wanting to understand the economies of the Middle East and North Africa.

Economic Performance in the Middle East and North Africa

Serdar Sayan
Economic Performance in the Middle East and North Africa Book PDF

Author : Serdar Sayan
Publisher : Routledge
Page : 218 pages
File Size : 49,7 Mb
Release : 2009-05-07
Category : Business & Economics
ISBN : 9781134072217

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Economic Performance in the Middle East and North Africa by Serdar Sayan Pdf

This book investigates the performance of the economies of the Middle East and North Africa (MENA), focusing in particular on the role of corruption and the underlying institutional structure in determining economic growth and the prospects for development.

Central Banks and Financial Markets

Hasan Cömert
Central Banks and Financial Markets Book PDF

Author : Hasan Cömert
Publisher : Edward Elgar Publishing
Page : 0 pages
File Size : 46,6 Mb
Release : 2013
Category : Banks and banking, Central
ISBN : 1781004048

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Central Banks and Financial Markets by Hasan Cömert Pdf

In the wake of the financial crisis of 2008, there has been increasing debate over the appropriate role of central banks in mitigating economic disaster. This timely volume combines detailed historical and econometric analyses to explore the profound changes that occurred within the US financial system from the 1980s to the present, and shows how these changes have affected the US economy.

Macroeconomic Issues and Policies in the Middle East and North Africa

Anonim
Macroeconomic Issues and Policies in the Middle East and North Africa Book PDF

Author : Anonim
Publisher : International Monetary Fund
Page : 396 pages
File Size : 40,9 Mb
Release : 2001-09-21
Category : Business & Economics
ISBN : STANFORD:36105111185406

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Macroeconomic Issues and Policies in the Middle East and North Africa by Anonim Pdf

This book brings together recent IMF research on how the Middle East and North African countries are grappling with various macroeconomic challenges. It rigorously analyzes policy alternatives for a range of relevant topics, including the implications of changing demographic trends for growth and unemployment, determinants of inflation, financial-sector reform and Islamic banking, fiscal sustainability in oil-dependent economies, exchange rate and trade arrangements, and impediments to foreign direct investment. The book’s overall theme-self-sustaining and faster growth can be achieved through comprehensive structural reforms and closer collaboration between the region’s policymakers and the international community.