LEADER 04957oam 22012254 450 001 9910816275503321 005 20240410162812.0 010 $a1-4623-0439-7 010 $a1-4527-7536-2 010 $a1-283-51640-3 010 $a9786613828859 010 $a1-4519-0929-2 035 $a(CKB)3360000000443812 035 $a(EBL)3014497 035 $a(SSID)ssj0000940823 035 $a(PQKBManifestationID)11547857 035 $a(PQKBTitleCode)TC0000940823 035 $a(PQKBWorkID)10956009 035 $a(PQKB)10935984 035 $a(OCoLC)694141181 035 $a(IMF)WPIEE2006216 035 $a(MiAaPQ)EBC3014497 035 $a(EXLCZ)993360000000443812 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal Determinants of Inflation : $eA Primer for the Middle East and North Africa /$fLudvig Söderling, Domenico Fanizza 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (17 p.) 225 1 $aIMF Working Papers 300 $a"October 2006." 311 $a1-4518-6476-0 320 $aIncludes bibliographical references. 327 $a""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"" 330 3 $aMany countries in the Middle East and North Africa (MENA) region have recently experienced surges in money growth that apparently have not generated significant inflationary pressures. Moreover, several MENA countries have followed monetary policy rules that according to standard monetary theory should have produced macroeconomic instability and possibly hyperinflation. We argue that the Fiscal Theory of the Price Level could usefully provide insights on these developments. Our main conclusion is that a sound fiscal position constitutes a necessary condition for macroeconomic stability whereas "sound" monetary policy is neither sufficient nor necessary. Hence, fiscal policy and public debt deserve particular attention for maintaining macroeconomic stability, by and large consistent with Fund policy advice to MENA countries. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/216 606 $aDebts, Public$zAfrica, North 606 $aDebts, Public$zMiddle East 606 $aFiscal policy$zAfrica, North 606 $aFiscal policy$zMiddle East 606 $aInflation (Finance)$zAfrica, North 606 $aInflation (Finance)$zMiddle East 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aFiscal Policy$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aDemand for Money$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMacroeconomics$2imf 606 $aMonetary economics$2imf 606 $aPublic finance & taxation$2imf 606 $aFiscal policy$2imf 606 $aPublic debt$2imf 606 $aDemand for money$2imf 606 $aMonetary base$2imf 606 $aPrices$2imf 606 $aDebts, Public$2imf 606 $aMoney$2imf 606 $aMoney supply$2imf 607 $aLebanon$2imf 615 0$aDebts, Public 615 0$aDebts, Public 615 0$aFiscal policy 615 0$aFiscal policy 615 0$aInflation (Finance) 615 0$aInflation (Finance) 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aPrice Level 615 7$aDeflation 615 7$aFiscal Policy 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aDemand for Money 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMacroeconomics 615 7$aMonetary economics 615 7$aPublic finance & taxation 615 7$aFiscal policy 615 7$aPublic debt 615 7$aDemand for money 615 7$aMonetary base 615 7$aPrices 615 7$aDebts, Public 615 7$aMoney 615 7$aMoney supply 700 $aSöderling$b Ludvig$01700398 701 $aFanizza$b Domenico$01700399 712 02$aInternational Monetary Fund.$bMiddle East and Central Asia Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910816275503321 996 $aFiscal Determinants of Inflation$94083369 997 $aUNINA