Monetary Policy Operations of Debtor Central Banks in MENA Countries
Gunther Schnabl and
Franziska Schobert
MPRA Paper from University Library of Munich, Germany
Abstract:
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.
Keywords: Emerging Markets; Debtor Central Banks; Foreign Exchange Inflows; Sterilization (search for similar items in EconPapers)
JEL-codes: F31 (search for similar items in EconPapers)
Date: 2007-10
New Economics Papers: this item is included in nep-afr, nep-cba, nep-cwa, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)
Downloads: (external link)
https://mpra.ub.uni-muenchen.de/5474/1/MPRA_paper_5474.pdf original version (application/pdf)
Related works:
Working Paper: Monetary policy operations of debtor central banks in MENA countries (2007) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:5474
Access Statistics for this paper
More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().