IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Monetary Transmission Mechanisms in Morocco and Tunisia

  • Adel Boughrara


    (University of Sousse, Tunisia)

Registered author(s):

    Understanding the transmission mechanism of monetary policy, especially the time lag involved between a policy change and its impact on inflation and output, constitutes a prerequisite to the implementation of any sound monetary strategy. The uncertainties that might surround the transmission mechanisms weaken the effectiveness of the monetary policy. Despite its strategic importance, this issue has received very little interest in MENA countries in general and in Morocco and Tunisia in particular. This paper seeks to analyze, identify and compare the monetary transmission mechanisms through which the monetary policy shocks propagate in Morocco and Tunisia. The channels that have been considered in this study are the following: the exchange rate channel, the assets price channel, the traditional monetary channel, and the lending channel. The main empirical results of this paper are the following. First, neither the exchange rate channel nor the asset price channel is operative. Second, the lending channel is operative in Tunisia. More specifically, our results indicate that the lending channel is dominant in the sense that it is stronger than the traditional interest channel. Third, the lending channel is also operative in Morocco, but its effects are less pronounced than in Tunisia.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    File URL:
    Download Restriction: no

    Paper provided by Economic Research Forum in its series Working Papers with number 460.

    in new window

    Length: 31 pages
    Date of creation: Jan 2009
    Date of revision: Jan 2009
    Publication status: Published by The Economic Research Forum (ERF)
    Handle: RePEc:erg:wpaper:460
    Contact details of provider: Postal:
    21 Al-Sad Al Aaly St. Dokki, Giza

    Phone: 202-3370810
    Fax: 202-3616042
    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:erg:wpaper:460. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Namees Nabeel)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.