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Is Egypt Ready to Apply Inflation Targeting Regime?

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  • Ibrahim L. AWAD

    ()
    (Institute of Economic Studies, Charles University, Prague)

Abstract

The purpose of this study is to answer the question ‘Is Egypt ready to apply IT regime? The researcher presumed that; a country is ready to apply IT regime once the prerequisites for IT regime are available. Comparing the current position of Egypt with some emerging market economies, the conclusions point to the following: (i) the CBE is not factually independent. Although the CBE has been granted legal independent instrument, the existence of the government representatives as voting members in the MPC and the coercion of the CBE to extend finance to the government are two elements sufficient to underpin the de facto independence of the CBE; (ii) inflation targets are expected to be missed under the possibility that the behavior of the CBE will be similar to the behavior of the majority of emerging market economies, i.e. adopting IT regime whereas implicitly targeting FX rate; and (iii) the current level of knowledge about some central issues of designing IT regime and the quality of the available data are not satisfactory to support the adoption of IT regime. The study concluded that Egypt is still not ready to apply IT regime.

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Bibliographic Info

Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Review of Economic and Business Studies.

Volume (Year): (2008)
Issue (Month): 2 (November)
Pages: 141-159

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Handle: RePEc:aic:revebs:y:2008:i:2:awadi

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Keywords: Inflation Targeting Regime; Prerequisites for Inflation Targeting regime; Inflation targeting in Egypt;

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  1. Yifan Hu, 2003. "Empirical Investigations of Inflation Targeting," Working Paper Series WP03-6, Peterson Institute for International Economics.
  2. Arminio Fraga & Ilan Goldfajn & André Minella, 2003. "Inflation Targeting in Emerging Market Economies," Working Papers Series 76, Central Bank of Brazil, Research Department.
  3. Edwin M. Truman, 2003. "Inflation Targeting in the World Economy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 346.
  4. Ibrahim L. Awad, 2008. "Towards measurement of political pressure on central banks: the case of the central bank of egypt," Prague Economic Papers, University of Economics, Prague, vol. 2008(3), pages 254-275.
  5. Frederic S. Mishkin, 2000. "Inflation Targeting in Emerging Market Countries," NBER Working Papers 7618, National Bureau of Economic Research, Inc.
  6. Guy Debelle & Miguel A. Savastano & Paul R. Masson & Sunil Sharma, 1998. "Inflation Targeting as a Framework for Monetary Policy," IMF Economic Issues 15, International Monetary Fund.
  7. Eichengreen, B. & Masson, P. & Savastano, M. & Sharma, S., 1999. "Transition Strategies and Nominal Anchors on the Road to Greater Exchange-Rate Flexibility," Princeton Essays in International Economics 213, International Economics Section, Departement of Economics Princeton University,.
  8. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?," NBER Working Papers 8397, National Bureau of Economic Research, Inc.
  9. Marc Zelmer & Andrea Schaechter & Mark R. Stone & Alina Carare, 2002. "Establishing Initial Conditions in Support of Inflation Targeting," IMF Working Papers 02/102, International Monetary Fund.
  10. Mohsin S. Khan, 2003. "Current Issues in the Design and Conduct of Monetary Policy," IMF Working Papers 03/56, International Monetary Fund.
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