Requirements for Using Interest Rates as an Operating Target for Monetary Policy : The Case of Tunisia.
Alain. Durré
Bok Engelsk 2009 · Electronic books.
| Omfang | 1 online resource (47 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- Contents -- I. Introduction -- II. Overview of Tunisia's Program of Economic Reforms -- A. Financial Sector Reforms -- B. External Sector and Policies -- C. Monetary Policy Framework -- III. Using Interest Rates as the Operating Target: Money Market Deepening -- A. Interbank Money Market and Liquidity Management in Tunisia -- B. Monetary Management: Assessment and Way Forward -- C. Money Market Deepening -- IV. Empirical Evidence for the Interest Rate Channel in Tunisia -- A. Theoretical Background to Assessing the Transmission Mechanisms -- B. Review of the Literature on Tunisia -- C. Assessment of the Transmission Mechanisms in Tunisia -- D. What do Reaction Functions Tell Us in Tunisia? -- V. The Way Forward for Tunisia's Monetary Policy Framework -- A. Tunisia's Compliance with the Building Blocks of Inflation Targeting -- B. Strengthening Compliance with the Building Blocks of Inflation Targeting -- VI. Concluding Remarks -- References -- Tables -- 1. Estimates of an Interest Rate Reaction Function -- 2. Compliance with the Building Blocks of an IT Framework -- Figures -- 1. Key Monetary Indicators -- 2. Response Functions for Model 1' -- 3. Response Functions for Model 1′′\f C -- 4. Response Functions for Model 2 -- Boxes -- 1. Objectives of the 11th Economic Plan -- 2. Summary of Exchange Arrangements -- 3. Monetary Policy Instruments -- 4. Reaction Function of Central Banks: Between Theory and Practice -- Appendices -- I. Tunisia: Monetary Targeting Framework -- II. Inflation Targeting in Emerging Economies -- Appendix Tables -- 3. Tunisia: Reforms in the Monetary, Financial and External -- 4. Detailed Compliance with the Building Blocks -- 5. Unit Root Tests.. - This paper discusses the use of interest rates as the operating target for monetary policy in Tunisia and the roadmap for establishing the other building blocks of an inflation targeting framework. It argues that strengthening the effectiveness of the current monetary policy framework will facilitate the adoption of inflation targeting over time.
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| ISBN | 9781451993318
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