Inflation Targeting in MENA Countries
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Inflation Targeting in MENA Countries: an Unfinished Journey

Inflation Targeting in MENA Countries: an Unfinished Journey


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About the Book

Should Middle and North African (MENA) countries adopt the fashionable modern monetary policy strategy of inflation targeting (IT)? This informed and critical book contains contributions from a team of international experts, who discuss the preconditions and consequences of IT. Particular attention is paid to fiscal policy, capital account liberalisation and monetary transmission mechanisms. This book examines the progress by various MENA countries towards IT. Against the background of the paths taken in Europe (and the changes in financial infrastructure which were required), the authors examine how Turkey first came to IT, first informally and then formally, and how IT has worked for Turkey so far. They also consider in turn the varying experiences of Egypt, Morocco and Tunisia, and debate whether, in the light of the global financial crisis, IT is in fact the appropriate strategy to adopt.

Table of Contents:
PART I: ISSUES AND CHALLENGES Moving towards Domestic Monetary Anchors -- are Financial Markets Ready in the Mediterranean Region?; T.Bracke Fiscal Policy and Macroeconomic Stability in Mediterranean Countries; M.Sturm & F.Gurtner Capital Mobility and the Optimal Monetary Policy Rule: a Tunisian Case Study; M.Sami Nabi & N.Diop Monetary Policy Transmission and Targeting Mechanisms in Six MENA Countries; S.Neaime Monetary Transmission Mechanisms: the Credit Versus the Interest Rate Channel; A.Boughrara & S.Ghazouani PART II: THE JOURNEY TOWARDS IT From Bretton Woods to Inflation Targeting: Financial Change and Monetary Policy Evolution in Europe; D.Cobham Monetary Policy in Turkey: the Reasons for Introducing Inflation Targeting and the Outcome; H.Ersel & F.Ozatay The Evolution of Monetary Policy in Egypt and Steps Towards Inflation Targeting; R.Al-Mashat The Uncertain Journey towards Inflation Targeting in Tunisia; M.Boughzala & H.Moussa The Journey towards Inflation Targeting in Morocco; L.Achy & A.Boughrara

About the Author :
MONGI BOUGHZALA has a Ph.D. from the University of Minnesota, USA, and is Professor of Economics at the University of Tunis El Manar, Tunisia. His current research and main interests are in monetary economics and labour economics. He has published articles and contributed to books on trade, public economics, labour and monetary policy. He is a research fellow in the Economic Research Forum and active within the FEMISE network. DAVID COBHAM specialises in Monetary Policy. He has published in journals including Economic Journal, Oxford Bulletin of Economics and Statistics, and Oxford Economic Papers. He is co-editor (with Ghassan Dibeh) of 'Money in the Middle East and North Africa: Monetary Policy Frameworks and Strategies' (2011) and (with O. Eitrheim, S. Gerlach and J. Qvigstad) 'Twenty Years of Inflation Targeting: Lessons Learned and Future Prospects' (2010).


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Product Details
  • ISBN-13: 9780230316560
  • Publisher: Palgrave Macmillan
  • Binding: Digital (delivered electronically)
  • Sub Title: an Unfinished Journey
  • ISBN-10: 0230316565
  • Publisher Date: 26 Jul 2011
  • Language: English


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