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Publications
Working Papers

The Political Economy of Macroeconomic Policy in Arab Resource- Rich Economies

Adeel Malik

Revisiting macroeconomic policies and outcomes of Arab resource-rich economies (RREs), this paper synthesizes the political economy considerations that underpin policy choices. The paper argues that, in the context of Arab ... read more


Publications
Working Papers

Gulf Monetary Union and Regional Integration

Kabir Hassan and Ashraf Nakibullah

Abstract Currencies of the GCC countries have long been effectively pegged to the US dollar. Since 2003 the GCC countries have formally started pegging their currencies to the US dollar as a ... read more


Publications
Working Papers

The Monetary Transmission Mechanism in Egypt

Rania Al-Mashat and Andreas Billmeier

Abstract This paper examines the monetary transmission mechanism in Egypt against the background of the Central Bank’s intention to shift to inflation targeting. It first describes the changing transmission channels over the last ... read more


Publications
Working Papers

Emerging Market Sovereign Spreads, Global Financial Conditions and US Macroeconomic News

Fatih Ozatay, Gulbin Sahinbeyoglu and Erdal Ozmen

Abstract This paper investigates the impact of global financial conditions, US macroeconomic news and domestic macroeconomic fundamentals on the evolution of Emerging Market Bond Index EMBI spreads for a panel of 18 emerging ... read more


Publications
Working Papers

Monetary Policy Transmission and Targeting Mechanisms in the MENA Region

Simon Neaime

Abstract Since the early 1990s some industrialized economies have implemented a monetary policy regime shift known as inflation targeting. This shift was justified by the difficulties posed by targeting the nominal exchange rate, ... read more


Publications
Working Papers

Financial Liberalization and Money Demand in Morocco

Younes Zouhar and Abderrahman Kacemi

Abstract This paper investigates whether the financial liberalization that Morocco has been undertaking since the early 1990's has affected the demand for money. To achieve this analysis, the Johansen maximum-likelihood procedure is employed ... read more


Publications
Working Papers

Competitive Real Exchange Rates Are Good for the Poor: Evidence from Egyptian Household Surveys

Ibrahim Elbadawi and Eman Refaat

This paper develops a theoretical model that allows for assessing the poverty impact of the real exchange rate (RER), as an economy-wide relative price, in a fully optimizing model at ... read more


Affiliates
Research Fellows

Samir Ghazouani

Areas of Interest: Money and Banking Financial Markets Macroeconomics Education: Ph.D., Mathematical Economics and Econometrics, University of Bourgogne, France, 1989. M.Sc., Econometrics, University of Bourgogne, France, 1984 MBA., Economics, ... read more


Publications
Working Papers

Are International Food Price Spikes the Source of Egypt’s High Inflation?

Sherine El-Shawarby and Hoda Selim

This paper examines whether domestic inflation spikes in Egypt during 2001-2011 were primarily the result of external food price shocks. To estimate the pass-through of international food price inflation to ... read more


Publications
Working Papers

Exploring the Role of the Exchange Rate in Monetary Policy in Egypt

Hoda Selim

Recent reforms have enhanced the monetary policy framework in Egypt. Yet, there is not yet full transparency with respect to other policy objectives besides inflation, namely the stabilization of the ... read more


Publications
Working Papers

Macro-Financial Linkages in Egypt: A Panel Analysis of Economic Shocks and Loan Portfolio Quality

Inessa Love and Rima Turk Ariss

This paper investigates macro-financial linkages in Egypt using two complementary methods, assessing the interaction between different macroeconomic aggregates and loan portfolio quality in a multivariate framework as well as through ... read more


Publications
Working Papers

Macroeconomic Shocks and Banking Sector Developments in Egypt

Santiago Herrera and Hoda Youssef

From 2008 to 2011, Egypt was hit by significant shocks, both global and country-specific. This paper assesses the impact of the resulting macroeconomic instability on the banking sector, and examines ... read more