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      • Department of Economics
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      Prospects for inflation targeting in the MENA region: feasibility, desirability and alternatives

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      Author(s)
      Yeldan, E. A.
      Date
      2008
      Source Title
      Review of Middle East Economics and Finance
      Print ISSN
      1475-3685
      Electronic ISSN
      1475-3693
      Publisher
      De Gruyter
      Volume
      4
      Issue
      3
      Pages
      83 - 100
      Language
      English
      Type
      Article
      Item Usage Stats
      378
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      107
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      Abstract
      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.'
      Keywords
      Monetary policy
      Inflation targeting
      MENA
      Permalink
      http://hdl.handle.net/11693/49174
      Published Version (Please cite this version)
      https://doi.org/10.2202/1475-3693.1193
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      • Department of Economics 667
      • Department of International Relations 536
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