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Monetary Policy Operations of Debtor Central Banks in MENA Countries

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  • Schnabl, Gunther
  • Schobert, Franziska

Abstract

The paper analyses the monetary policy operations of central banks in the Middle East and North Africa (MENA). We distinguish the pattern of monetary policy operations of the liquidity providing central banks of the large industrialized countries (creditor central banks) and the liquidity absorb-ing central banks of emerging market economies (debtor central banks). Many debtor central banks provide liquidity through foreign exchange intervention in reaction to foreign exchange inflows. If the respective liquidity expansion is regarded as a threat to domestic price and financial stability, liquidity is partly absorbed through sterilization operations. The paper finds that most MENA coun-tries are debtor central banks due to a general pattern of excessive liquidity creation as well as due to country specific reasons.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5474.

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Date of creation: Oct 2007
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Handle: RePEc:pra:mprapa:5474

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Keywords: Emerging Markets; Debtor Central Banks; Foreign Exchange Inflows; Sterilization;

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  1. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, pages 329-368.
  2. Chmelarova, Viera & Schnabl, Gunther, 2006. "Exchange rate stabilization in developed and underdeveloped capital markets," Working Paper Series, European Central Bank 0636, European Central Bank.
  3. Cook, David & Devereux, Michael B, 2004. "External Currency Pricing and the East Asian Crisis," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4642, C.E.P.R. Discussion Papers.
  4. Ronald McKinnon & Gunther Schnabl, 2003. "The East Asian Dollar Standard, Fear of Floating, and Original Sin," Working Papers, Stanford University, Department of Economics 03001, Stanford University, Department of Economics.
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Cited by:
  1. Schnabl, Gunther & Freitag, Stephan, 2009. "An asymmetry matrix in global current accounts," Working Papers 76, University of Leipzig, Faculty of Economics and Management Science.

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