The contribution of this book is to study theoretically and empirically the transmission mechanisms of monetary policy in the Maghreb countries. Based on a VAR model, estimates for the period 1995-2017 show heterogeneity in some monetary policy transmission channels in the three Maghreb countries in our sample. Thus, the determining role of the money supply channel for Tunisia, no transmission channel seems to be really powerful for Algeria and an active role of the exchange rate only in Morocco should be highlighted. The empirical results show that the stability of the exchange rate regime in the Maghreb countries must be associated with a relatively efficient macroeconomic environment and a sound and solid banking system.
The contribution of this book is to study theoretically and empirically the transmission mechanisms of monetary policy in the Maghreb countries. Based on a VAR model, estimates for the period 1995-2017 show heterogeneity in some monetary policy transmission channels in the three Maghreb countries in our sample. Thus, the determining role of the money supply channel for Tunisia, no transmission channel seems to be really powerful for Algeria and an active role of the exchange rate only in Morocco should be highlighted. The empirical results show that the stability of the exchange rate regime in the Maghreb countries must be associated with a relatively efficient macroeconomic environment and a sound and solid banking system.
Developing countries now use monetary policy as part of their adjustment programmes but its targets, the tools, and the theory were developed for advanced countries. Low income countries do not have...
The chapters in this book are based on papers prepared for a conference organized by the Federal Reserve Bank of San Francisco, held at the bank September 23-25, 1987, to review and compare monetary...
The COVID-19 crisis has fractured the pre-existing structural rigidities and institutional fragilities in the economies of developing countries more than ever, necessitating a rethinking of fiscal...
The issue of economic development and monetary stability has produced one of the most passionate debates in economic literature. Yet, much of the evidence employed in this debate is contradictory...
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