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Monetary Policy Operations of Debtor Central Banks in MENA Countries

  • Schnabl, Gunther
  • Schobert, Franziska

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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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
Date of revision:
Handle: RePEc:pra:mprapa:5474
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  1. Ronald McKinnon & Gunther Schnabl, 2003. "The East Asian Dollar Standard, Fear of Floating, and Original Sin," Working Papers 112003, Hong Kong Institute for Monetary Research.
  2. Cook, David & Devereux, Michael B, 2004. "External Currency Pricing and the East Asian Crisis," CEPR Discussion Papers 4642, C.E.P.R. Discussion Papers.
  3. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange Rates and Financial Fragility," NBER Working Papers 7418, National Bureau of Economic Research, Inc.
  4. Chmelarova, Viera & Schnabl, Gunther, 2006. "Exchange rate stabilization in developed and underdeveloped capital markets," Working Paper Series 0636, European Central Bank.
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