GLOBAL ASYMMETRIES IN MONETARY POLICY OPERATIONS: DEBTOR CENTRAL BANKS OF THE MENA REGION

Gunther Schnabl and Franziska Schobert

Manchester School, 2009, vol. 77, issue s1, 85-107

Abstract: We analyse the monetary policy operations of central banks in the Middle East and North Africa. We distinguish liquidity‐providing central banks of large industrialized countries (creditor central banks) and liquidity‐absorbing central banks of emerging market economies (debtor central banks). Many debtor central banks provide liquidity through foreign exchange intervention as well as by fiscal financing and financial restructuring. If the resulting liquidity creation is regarded as excessive, liquidity is absorbed through sterilization operations such as reserve requirements and (to a limited extent) open market operations. Some central banks coordinate their liquidity management with the fiscal authorities.

Date: 2009
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