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Record Nr. |
UNINA9910816275503321 |
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Autore |
Söderling Ludvig |
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Titolo |
Fiscal Determinants of Inflation : : A Primer for the Middle East and North Africa / / Ludvig Söderling, Domenico Fanizza |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-0439-7 |
1-4527-7536-2 |
1-283-51640-3 |
9786613828859 |
1-4519-0929-2 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (17 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Debts, Public - Africa, North |
Debts, Public - Middle East |
Fiscal policy - Africa, North |
Fiscal policy - Middle East |
Inflation (Finance) - Africa, North |
Inflation (Finance) - Middle East |
Inflation |
Money and Monetary Policy |
Public Finance |
Price Level |
Deflation |
Fiscal Policy |
Debt |
Debt Management |
Sovereign Debt |
Demand for Money |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Macroeconomics |
Monetary economics |
Public finance & taxation |
Fiscal policy |
Public debt |
Demand for money |
Monetary base |
Prices |
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Debts, Public |
Money |
Money supply |
Lebanon |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. MONEY AND PRICES IN THE MIDDLE EAST AND NORTH AFRICA: THE PUZZLE OF THE MISSING INFLATION""; ""III. AN ALTERNATIVE ANALYTICAL FRAMEWORK: THE FISCAL THEORY OF PRICES""; ""A. The Underlying Model: Standard Cash-in-Advance""; ""B. Multiple Equilibria""; ""IV. THE FISCAL THEORY OF THE PRICE LEVEL APPLIED TO MENA""; ""V. IMPLICATIONS FOR FUND POLICY ADVICE""; ""REFERENCES"" |
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Sommario/riassunto |
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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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