Topics in Middle Eastern and North African Economies

Monetary policy frameworks in the Middle East and North Africa: How do they compare with other groupings?

Document Type

Article

Publication Date

2-1-2022

Abstract

This paper presents a classification of the monetary policy frameworks (MPFs) of 19 MENA countries from 1974 to 2017. It identifies the key trends in the region, and contrasts them with the trends among three other groups: advanced countries, emerging countries and Latin American countries. It considers likely reasons for the MPF choices of MENA governments, and notes the economic performance associated in the region and elsewhere with different MPFs. It examines how these MPF choices relate to trends in central bank independence and transparency, and in democracy and governance. Finally it brings these elements together in an argument that a move to democracy in the MENA countries could open the way to monetary policy frameworks that would offer improved economic performance.

Journal Title

Scottish Journal of Political Economy

Publisher

Wiley

Volume

69

Issue

1

Comments

Presentation of the articles in the Topics in Middle Eastern and North African Economies was made possible by a limited license granted to Loyola University Chicago and Middle East Economics Association from the authors who have retained all copyrights in the articles.

Creative Commons License

Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.

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