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Fiscal determinants of inflation : a primer for the Middle East and North Africa /
Many countries in the Middle East and North Africa (MENA) region have recently experienced surges in money growth that apparently have not generated significant inflationary pressures. Moreover, several MENA countries have followed monetary policy rules that according to standard monetary theory sho...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund, Middle East and Central Asia Dept.,
©2006.
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| Colección: | IMF working paper ;
WP/06/216. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | Many countries in the Middle East and North Africa (MENA) region have recently experienced surges in money growth that apparently have not generated significant inflationary pressures. Moreover, several MENA countries have followed monetary policy rules that according to standard monetary theory should have produced macroeconomic instability and possibly hyperinflation. We argue that the Fiscal Theory of the Price Level could usefully provide insights on these developments. Our main conclusion is that a sound fiscal position constitutes a necessary condition for macroeconomic stability whereas "sound" monetary policy is neither sufficient nor necessary. Hence, fiscal policy and public debt deserve particular attention for maintaining macroeconomic stability, by and large consistent with Fund policy advice to MENA countries. |
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| Descripción Física: | 1 online resource (15 pages) : illustrations |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 1283516403 9781283516402 9781451909296 1451909292 |