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Prospects for Inflation Targeting in the MENA Region: Feasibility, Desirability and Alternatives

Listed author(s):
  • Yeldan Erinc A.

    (Bilkent University)

Inflation targeting (IT) has recently become the dominant monetary policy prescription over the last decade. Emerging markets governments, in particular, are increasingly pressured to follow IT as part of their IMF-led stabilization packages and the routine rating procedures of the international finance institutions. However, the common expectation of IT promoters that price stability would ultimately lead to macroeconomic stability and sustained growth has failed to materialize. This paper is an attempt to assess the desirability of the IT regime for a select group of MENA countries. I also argue that modern central banking ought to have more policy space in balancing out various objectives and instruments, and that central bank `independence' should not be equivalent to central bank `irrelevance.'

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File URL: https://www.degruyter.com/view/j/rmeef.2008.4.3/rmeef.2008.4.3.1193/rmeef.2008.4.3.1193.xml?format=INT
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Article provided by De Gruyter in its journal Review of Middle East Economics and Finance.

Volume (Year): 4 (2008)
Issue (Month): 3 (September)
Pages: 83-100

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Handle: RePEc:bpj:rmeecf:v:4:y:2008:i:3:n:3
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  1. Niamh Sheridan & Laurence M. Ball, 2003. "Does Inflation Targeting Matter?," IMF Working Papers 03/129, International Monetary Fund.
  2. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 1-24.
  3. Lance Taylor, 2004. "Exchange rate indeterminacy in portfolio balance, Mundell--Fleming and uncovered interest rate parity models," Cambridge Journal of Economics, Oxford University Press, vol. 28(2), pages 205-227, March.
  4. Frenkel, Roberto & Ros, Jaime, 2006. "Unemployment and the real exchange rate in Latin America," World Development, Elsevier, vol. 34(4), pages 631-646, April.
  5. Ocampo, Jose Antonio, 2002. "Capital-Account and Counter-Cyclical Prudential Regulations in Developing Countries," WIDER Working Paper Series 082, World Institute for Development Economic Research (UNU-WIDER).
  6. Sebastian Edwards, 2001. "Exchange Rate Regimes, Capital Flows and Crisis Prevention," NBER Working Papers 8529, National Bureau of Economic Research, Inc.
  7. Adelman, Irma & Yeldan, Erinc, 2000. "The Minimal Conditions for a Financial Crisis: A Multiregional Intertemporal CGE Model of the Asian Crisis," World Development, Elsevier, vol. 28(6), pages 1087-1100, June.
  8. Roberto Frenkel, 2006. "An alternative to inflation targeting in Latin America: macroeconomic policies focused on employment," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 573-591, July.
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