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Are the Conditions for the Adoption of IT Satisfied in Morocco?

Listed author(s):
  • Adel Boughrara


    (University of Sousse, Tunisia)

  • Mongi Boughzala


    (University of Tunis ElManar, Tunisia)

  • Hassouna Moussa
Registered author(s):

    The objective of this paper is to explore the feasibility and efficiency of inflation targeting as a new monetary strategy in Morocco. Inflation targeting (IT) is a strategy that aims primarily at controlling inflation and makes it its main objective, but it goes well beyond the simple adoption of a quantitative goal for inflation. A central bank following IT has to set up well-defined rules and performance goals for which it is held accountable by the media, the markets and the government. IT framework is demanding in terms of institutional and economic conditions. These conditions include: central bank independence, accountability and transparency, a sound financial system, fiscal discipline and a flexible exchange rate regime. Through the analysis of the recent monetary and fiscal policies in Morocco and a systematic examination of the fulfillment of the IT conditions we argue that morocco is not yet ready for IT and a transition period would be required. The possibility and the risks linked to the adoption of IT in Morocco are explored through a formal model in the last section of this paper.

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    Paper provided by Economic Research Forum in its series Working Papers with number 444.

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    Length: 33
    Date of creation: 09 Jan 2008
    Date of revision: 09 Jan 2008
    Publication status: Published by The Economic Research Forum (ERF)
    Handle: RePEc:erg:wpaper:444
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