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Global Asymmetries In Monetary Policy Operations: Debtor Central Banks Of The Mena Region

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  • GUNTHER SCHNABL
  • FRANZISKA SCHOBERT

Abstract

We analyse the monetary policy operations of central banks in the Middle East and North Africa. We distinguish liquidity-providing central banks of large industrialized countries (creditor central banks) and liquidity-absorbing central banks of emerging market economies (debtor central banks). Many debtor central banks provide liquidity through foreign exchange intervention as well as by fiscal financing and financial restructuring. If the resulting liquidity creation is regarded as excessive, liquidity is absorbed through sterilization operations such as reserve requirements and (to a limited extent) open market operations. Some central banks coordinate their liquidity management with the fiscal authorities. Copyright � 2009 The Authors. Journal compilation � 2009 Blackwell Publishing Ltd and The University of Manchester.

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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School.

Volume (Year): 77 (2009)
Issue (Month): s1 (09)
Pages: 85-107

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Handle: RePEc:bla:manchs:v:77:y:2009:i:s1:p:85-107

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Cited by:
  1. Gunther Schnabl & Stephan Freitag, 2012. "Reverse Causality in Global and Intra-European Imbalances," Review of International Economics, Wiley Blackwell, Wiley Blackwell, vol. 20(4), pages 674-690, 09.
  2. Axel Löffler & Gunther Schnabl & Franziska Schobert, 2010. "Inflation Targeting by Debtor Central Banks in Emerging Market Economies," CESifo Working Paper Series 3138, CESifo Group Munich.
  3. Axel Löffler & Gunther Schnabl & Franziska Schobert, 2012. "Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks," CESifo Working Paper Series 3742, CESifo Group Munich.
  4. Gunther Schnabl & Stephan Freitag, 2012. "Determinants of Global and Intra-European Imbalances," Global Financial Markets Working Paper Series 25-2011, Friedrich-Schiller-University Jena.

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