05156oam 22013094 450 991095501670332120250426110834.0978661382885997814623043941462304397978145277536414527753629781283516402128351640397814519092961451909292(CKB)3360000000443812(EBL)3014497(SSID)ssj0000940823(PQKBManifestationID)11547857(PQKBTitleCode)TC0000940823(PQKBWorkID)10956009(PQKB)10935984(OCoLC)694141181(IMF)WPIEE2006216(MiAaPQ)EBC3014497(IMF)WPIEA2006216WPIEA2006216(EXLCZ)99336000000044381220020129d2006 uf 0engur|n|---|||||txtccrFiscal Determinants of Inflation : A Primer for the Middle East and North Africa /Ludvig Söderling, Domenico Fanizza1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (17 p.)IMF Working Papers"October 2006."9781451864762 1451864760 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/216Debts, PublicAfrica, NorthDebts, PublicMiddle EastFiscal policyAfrica, NorthFiscal policyMiddle EastInflation (Finance)Africa, NorthInflation (Finance)Middle EastDebt ManagementimfDebtimfDebts, PublicimfDeflationimfDemand for MoneyimfDemand for moneyimfFiscal PolicyimfFiscal policyimfInflationimfMacroeconomicsimfMonetary baseimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMoney supplyimfMoneyimfPrice LevelimfPricesimfPublic debtimfPublic finance & taxationimfPublic FinanceimfSovereign DebtimfLebanonimfDebts, PublicDebts, PublicFiscal policyFiscal policyInflation (Finance)Inflation (Finance)Debt ManagementDebtDebts, PublicDeflationDemand for MoneyDemand for moneyFiscal PolicyFiscal policyInflationMacroeconomicsMonetary baseMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMoney supplyMoneyPrice LevelPricesPublic debtPublic finance & taxationPublic FinanceSovereign DebtSöderling Ludvig1815953Fanizza Domenico1815954International Monetary Fund.Middle East and Central Asia Dept.DcWaIMFBOOK9910955016703321Fiscal Determinants of Inflation4371586UNINA