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Requirements for Using Interest Rates as an Operating Target for Monetary Policy.
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 facilitat...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Otros Autores: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington :
International Monetary Fund,
2009.
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| Colección: | IMF Working Papers.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- I. Introduction; Boxes; 1. Objectives of the 11th Economic Plan; II. Overview of Tunisia's Program of Economic Reforms; A. Financial Sector Reforms; B. External Sector and Policies; 2. Summary of Exchange Arrangements; C. Monetary Policy Framework; III. Using Interest Rates as the Operating Target: Money Market Deepening; A. Interbank Money Market and Liquidity Management in Tunisia; Figures; 1. Key Monetary Indicators; B. Monetary Management: Assessment and Way Forward; 3. Monetary Policy Instruments; C. Money Market Deepening.
- IV. Empirical Evidence for the Interest Rate Channel in TunisiaA. Theoretical Background to Assessing the Transmission Mechanisms; B. Review of the Literature on Tunisia; C. Assessment of the Transmission Mechanisms in Tunisia; 2. Response Functions for Model 1'; 3. Response Functions for Model 12 \f C; 4. Response Functions for Model 2; D. What do Reaction Functions Tell Us in Tunisia?; 4. Reaction Function of Central Banks: Between Theory and Practice; V. The Way Forward for Tunisia's Monetary Policy Framework; A. Tunisia's Compliance with the Building Blocks of Inflation Targeting; Tables.
- 1. Estimates of an Interest Rate Reaction FunctionB. Strengthening Compliance with the Building Blocks of Inflation Targeting; 2. Compliance with the Building Blocks of an IT Framework; VI. Concluding Remarks; 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; References.