By Mongi Boughzala, D. Cobham
This quantity assesses the present kingdom of play for heart East and North African nations, within the mild of wider paintings on inflation concentrating on, and gives classes from the evolution of financial coverage in Europe.
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Additional resources for Inflation Targeting in MENA Countries: An Unfinished Journey
Cobham and G. Dibeh (eds), Money in the Middle East and North Africa: Monetary Policy Frameworks and Strategies, London: Routledge. European Central Bank (2004), The Monetary Policy of the ECB, second edition. , Goldfajn, I. and Minella, A. (2003), 'Inflation targeting in emerging market economies', National Bureau of Economic Research, working paper no. 10019. Gorton, G. (1988), 'Banking panics and business cycles', Oxford Economic Papers, 40: 751-81. ', World Economic Outlook, September 2006, Chapter IV.
Although they have generally fallen over recent years, credit risks remain a source of fragility in Mediterranean banking sectors. At the same time, authorities in the region are clearly aware of these risks and, in some cases, are making steady progress in enhancing the efficiency of the banking sector and reducing the level of non-performing loans. To conclude, financial depth and financial stability are key preconditions for the efficient conduct of monetary policy. Plans to abandon exchange rate anchors and to adopt more autonomous monetary policies should therefore be conditioned upon sufficient financial development in the MENA countries.
10 Demand for liquidity (which tends to be high due to a relatively widespread circulation of banknotes) is usually more than offset by an even higher supply of liquidity stemming from large inflows of foreign capital and an associated foreign exchange reserve accumulation. As a result, the banking sector operates in a context of excess net liquidity, and the central bank is not in the position of a monopoly supplier of liquidity. To illustrate this more precisely, it is useful to introduce the concept of autonomous liquidity factors.