An Operational Framework For Inflation Targeting In Egypt PDF Download
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Author | : Doaa Akl Ahmed Sayed Ahmed |
Publisher | : |
Total Pages | : |
Release | : 2012 |
Genre | : |
ISBN | : |
Download An Operational Framework for Inflation Targeting in Egypt Book in PDF, ePub and Kindle
The thesis focuses on the potential adoption of the inflation targeting (IT) regime in Egypt. Basically, it aimed at answering the following questions. (1) Should the central bank of Egypt shift to IT or continue with the current monetary policy framework, monetary aggregate targeting (MAT). (2) What the optimal policy horizon (OPH) should central bank choose to target inflation, (3) Does modelling inflation using models that allow for time-varying conditional variance, skewness and kurtosis helps in better understanding of inflation uncertainty? The main results of the thesis show that: (1) To answer the first question, the stability of velocity of money in circulation and money multiplier has been analysed using variance ratio tests and found unstable. Therefore, we could conclude that the current MAT framework cannot achieve its ultimate goal of price stability and it is believed that shifting to IT framework is highly recommended. (2) Concerning the OPH, the results show that the OPH is largely dependent on the nature of the shock and on a central bank's preferences over goals. Thus, for different kinds of the shocks, even if they are generally classified of the same type, the concern of the central bank about other policy objectives affects the policy horizon. With respect to shock persistence, the results demonstrate that the horizon increases with the persistence of the shock as persistent shock distributed over many period in comparison with transitory and less persistent shocks. (3) To answer the third question, the methodology proposed by Leon, Rubio, and Serna (2005) for modelling nonconstant conditional second, third and fourth moments is applied. The results indicate that models with nonconstant second, third and fourth moments are superior to models with time invariant volatility, skewness and kurtosis.
Author | : Hoda Abdel-Ghaffar Youssef |
Publisher | : |
Total Pages | : 56 |
Release | : 2007 |
Genre | : Inflation (Finance) |
ISBN | : |
Download Towards Inflation Targeting in Egypt Book in PDF, ePub and Kindle
This paper explores how the Stability and Growth Pact may cope with the future costs of population ageing in the European Union. Clearly, population ageing has forced countries to reform their pension systems, and will continue to do so, both by reducing the generosity of pension arrangements and by switching to funding rather than relying on pure pay-as-you go pension provision. We study how such reforms affect the room for adhering to the Pact, but also how the Pact may induce or hamper the incentives for reform. In our analysis we will draw on recent literature on the Pact and on the pensions and the ageing problem. We will also calibrate a simple model for addressing intergenerational equity.
Author | : Shiref Fahmy Mohamed Shabana |
Publisher | : |
Total Pages | : 238 |
Release | : 2007 |
Genre | : Egypt |
ISBN | : |
Download Inflation Target as a Framework for Monetary Policy with Application to Egyptian Economy Book in PDF, ePub and Kindle
Author | : Hoda Abdel-Ghaffar Youssef |
Publisher | : |
Total Pages | : 0 |
Release | : 2010 |
Genre | : |
ISBN | : 9783843398015 |
Download Towards Inflation Targeting in Egypt Book in PDF, ePub and Kindle
Author | : Maha Emad Khaled |
Publisher | : |
Total Pages | : 156 |
Release | : 2019 |
Genre | : Inflation (Finance) |
ISBN | : |
Download Is Egypt Willing to Embrace Inflation Targeting as a Framework for Its Monetary System? Book in PDF, ePub and Kindle
Author | : Doaa Akl Ahmed |
Publisher | : LAP Lambert Academic Publishing |
Total Pages | : 68 |
Release | : 2014-05 |
Genre | : |
ISBN | : 9783659534966 |
Download Inflation Targeting in Egypt Book in PDF, ePub and Kindle
Inflation targeting is a monetary policy framework that attracted many countries in the 1990s as a result of the disappointing performance under other regimes, mainly exchange rates targeting or monetary aggregate targeting. Due to its success in many developed and developing countries, the Central Bank of Egypt announced its intention to introduce inflation targeting regime to anchor its monetary policy when the basic prerequisites are satisfied. The book outlines the theoretical justification behind choosing inflation targeting and discusses its advantages and disadvantages, as well as compares it with other monetary regimes. The core of the book is to investigate the applicability of inflation targeting regime in Egypt by examining the extent to which the conditions of that regime are met.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 74 |
Release | : 2015-10-23 |
Genre | : Business & Economics |
ISBN | : 1498344062 |
Download Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries Book in PDF, ePub and Kindle
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.
Author | : Mongi Boughzala |
Publisher | : Springer |
Total Pages | : 339 |
Release | : 2011-07-26 |
Genre | : Business & Economics |
ISBN | : 0230316565 |
Download Inflation Targeting in MENA Countries Book in PDF, ePub and Kindle
This volume assesses the current state of play for Middle East and North African countries, in the light of wider work on inflation targeting, and provides lessons from the evolution of monetary policy in Europe.
Author | : Mr.Paul R. Masson |
Publisher | : International Monetary Fund |
Total Pages | : 54 |
Release | : 1997-10-01 |
Genre | : Business & Economics |
ISBN | : 145185515X |
Download The Scope for Inflation Targeting in Developing Countries Book in PDF, ePub and Kindle
Inflation targeting (IT) serves as monetary policy framework in several advanced economies, where it has enhanced policy transparency and accountability. The paper considers its wider applicability to developing countries. The prerequisites for a successful IT framework are identified as an ability to carry out an independent monetary policy (free of fiscal dominance or commitment to another nominal anchor, like the exchange rate) and a quantitative framework linking policy instruments to inflation. These prerequisites are largely absent among developing countries, though several of them could with some further institutional changes and an overriding commitment to low inflation make use of an IT framework.
Author | : Nils Mæhle |
Publisher | : International Monetary Fund |
Total Pages | : 57 |
Release | : 2020-02-07 |
Genre | : Business & Economics |
ISBN | : 1513526855 |
Download Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks Book in PDF, ePub and Kindle
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.