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Publications
Working Papers

The Currency-Plus-Commodity Basket: A Proposal for Exchange Rates in Oil-exporting Countries to Accommodate Trade Shocks Automatically

Jeffrey A. Frankel

The paper proposes an exchange rate regime for oil-exporting countries. The goal is to achieve the best of both flexible and fixed exchange rates.  The arrangement is designed to deliver ... read more


Publications
Working Papers

Performance and Credit Rating in Banking: A Comparative Study for Egypt and Lebanon

Sam Hakim and Simon Neaime

We investigate the performance and risk in two prominent countries in the MENA region, Egypt and Lebanon, where banks operate under market-oriented economic regimes. The study covers the 1990’s, a ... read more


Blog & News

Blog & News

Blog & News

Publications
Working Papers

Can Gulf Banks Pass the CCAR Stress Tests?

Mahmoud Haddad and Sam Hakim

The absence of a uniform standard for stress tests is a key challenge today for Central Banks in the Gulf. This paper utilizes the Dodd-Frank 2010 Comprehensive Capital Analysis and ... 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

Credibility of Inflation Targeting in Morocco and Tunisia

Mongi Boughzala, Adel Boughrara and Hassouna Moussa

Abstract Can the Moroccan and the Tunisian financial systems withstand the consequences of adopting IT, and is IT the appropriate monetary policy for them? There are many crucial requirements for the success of ... read more


Publications
Working Papers

Are the Conditions for the Adoption of IT Satisfied in Morocco?

Adel Boughrara, Mongi Boughzala and Hassouna Moussa

Abstract The objective of this paper is to explore the feasibility and efficiency of inflation targeting as a new monetary strategy in Morocco. Inflation targeting (IT) is a strategy that aims primarily ... read more


Publications
Working Papers

Inflation Targeting in Turkey

Hasan Ersel and Fatih Ozatay

Abstract In the aftermath of the 2000-2001crisis the banking sector in Turkey was in turbulence requiring immediate action. The rescue operation sky-rocketed the public debt-to-gross domestic product ratio. The fiscal dominance caused by ... read more


Publications
Working Papers

External and Regional Shocks in the GCC Region: Implications for a Common Exchange Rate Regime

Eisa Aleisa, Shawkat Hammoudeh and Yuan Yuan

Abstract Using a structural cointegrated VAR, this study examines the impacts of external shocks originating from the dollar, euro and yen zones as well as the regional shocks on the oilrich countries of ... read more


Blog & News

Blog & News

Events
Workshops/Seminars

Monetary and Fiscal Institutions in Resource-Rich Arab Economies

The Arab region is endowed with large natural resource wealth, with resource discoveries taking place since the first half of the twentieth century. The region holds close to half of ... read more


Events
Workshops/Seminars

Monetary and Fiscal Institutions and Macroeconomic Management in Resource-Rich Arab Economies

Building on findings from a previous phase of research on the implications of oil wealth on growth and macroeconomic policies under the theme of natural resources and economic diversification, the ... read more


Blog & News

ERF to Hold Kuwait Conference on Monetary and Fiscal Institutions in Resource-Rich Arab Economies

The Economic Research Forum (ERF) will hold a conference on Monetary and Fiscal Institutions in Resource-Rich Arab Economies on November 4-5, 2015, in Kuwait City, Kuwait. The event, being ... read more