Monetary And Fiscal Policies And The Dynamics Of The Yield Curve In Morocco
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Monetary And Fiscal Policies And The Dynamics Of The Yield Curve In Morocco
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Author : Mr.Calixte Ahokpossi
language : en
Publisher: International Monetary Fund
Release Date : 2016-05-23
Monetary And Fiscal Policies And The Dynamics Of The Yield Curve In Morocco written by Mr.Calixte Ahokpossi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-23 with Business & Economics categories.
We estimate the latent factors that underlie the dynamics of the sovereign bond yield curve in Morocco during 2004–14 based on the Dynamic Nelson-Siegel model. On this basis, we explore the interaction between macroeconomic variables and the yield curve, which is of direct relevance to macroeconomic policy-making. In Morocco’s context, we find that tighter monetary policy increases short-end maturities, and that the impact is small and short-lived. Economic activity is also briefly but significantly impacted, suggesting that even under a pegged exchange rate, monetary policy autonomy and effectiveness can be increased through greater central bank independence. Fiscal improvements significantly lower yield levels. Policy conclusions are that improvement in the fiscal and monetary policy frameworks, as well as greater financial sector development and inclusion, could benefit Morocco and strengthen the transmission mechanisms and effectiveness of macroeconomic policies.
Morocco
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-02-08
Morocco written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-08 with Business & Economics categories.
The 2015 Article IV Consultation discusses key issues related to the economic growth of Morocco. The macroeconomic situation of Morocco continues to improve. Although growth is recovering and should reach 4.7 percent in 2015, nonagricultural activity remains sluggish and inflation remains low. In 2016, growth will be affected by a base effect following the very good 2015 agricultural season, but a gradual recovery is expected in 2017. Although recent policy action and a more favorable external environment have yielded macroeconomic improvements, the reform needs to be maintained to secure longer-term stability and raise growth potential. Much remains to be done to secure higher and more inclusive growth.
Imf Research Bulletin September 2016
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-30
Imf Research Bulletin September 2016 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-30 with Business & Economics categories.
The September 2016 issue of the IMF Research Bulletin includes the following two Research Summaries: “A New Look at Bank Capital” (by Jihad Dagher, Giovanni Dell’Ariccia, Luc Laeven, Lev Ratnovski, and Hui Tong) and “Does Growth Create Jobs?: Evidence for Advance and Developing Economies (by Zidong An, Nathalie Gonzalez Prieto, Prakash Loungani, and Saurabh Mishra). The Q&A article by Rabah Arezki discusses “Seven Questions on Rethinking the Oil Market in the Aftermath of the 2014-16 Price Slump.” A listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications are also included. Readers can also find an announcement on the 2016 Annual Research Conference and links to top cited 2015 articles in the IMF Economic Review.
The Future Of Urban Living Smart Cities And Sustainable Infrastructure Technologies
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Author : Chakib El Mokhi
language : en
Publisher: Springer Nature
Release Date : 2025-08-18
The Future Of Urban Living Smart Cities And Sustainable Infrastructure Technologies written by Chakib El Mokhi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-08-18 with Science categories.
This book provides a comprehensive manual for researchers, practitioners, policymakers as well as students striving to achieve environmental sustainment. It is exploring advanced developments in smart cities infrastructure and sustainability engineering. In addition, this book delivers advanced methodologies, emerging and innovative technologies that shape sustainable urban technologies. Including the renewable energy systems of tomorrow, to low-impact manufacturing procedures today; every section provides insight and real-world implementation. The book bridges the gap between theory and practice, making it an essential tool to turn sustainability challenges into opportunities. Salient characteristics comprise: 1. Global perspective: Allows for flexibility in solutions given a multitude of successful examples around the world from different cultural and geographic locations. 2. Multidisciplinary approach: Integrating perspectives from engineering, environmental science, economics and policy studies for holistic problem solving. 3. Financial sustainability: Innovative business models to make sustainable solutions good for the environment and even better economically. This provoking literature questions conventional wisdom and promotes adventurous visions of sustainability. By highlighting emerging trends in cloud computing, cybersecurity, and big data for urban development, readers are prepared to lead the next paradigm shift in sustainable innovation
Morocco S Monetary Policy Transmission In The Wake Of The Covid 19 Pandemic
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Author : Mr. Roberto Cardarelli
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-21
Morocco S Monetary Policy Transmission In The Wake Of The Covid 19 Pandemic written by Mr. Roberto Cardarelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-21 with Business & Economics categories.
This paper finds that the neutral interest rate has been on a downward trajectory in Morocco since the global financial crisis and may have fallen in the wake of the pandemic. In that context, monetary policy transmission to output and prices appears relatively muted given limited exchange rate flexibility until recently. Also, monetary policy transmission to some market rates has somewhat weakened in the wake of the pandemic. A lower natural rate and low policy rates raise the question of whether further rate reductions would impair the banking system. We find that the sensitivity of cash demand to deposit rates is low, implying limited risks that banks would lose funding with further reductions. A reliance on checking and savings accounts for funding may impair monetary pass-through, however. If monetary policy reaches its effective lower bound, limited and credible recourse to an asset purchase program could usefully complement conventional measures and strengthen monetary policy transmission under an inflation-targeting regime with a flexible exchange rate.
A Simple Macrofiscal Model For Policy Analysis An Application To Morocco
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Author : Daniel Baksa
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-16
A Simple Macrofiscal Model For Policy Analysis An Application To Morocco written by Daniel Baksa and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-16 with Business & Economics categories.
The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. The model focuses on only a few variables that are consistent with the New Keynesian framework. Thanks to its simplicity, it facilitates an initial and intuitive understanding of monetary and fiscal policy transmission channels, and their main impact on economic activity. The model is adapted to Morocco and we demonstrate its application with an illustrative scenario of policy responses to a slower-than-expected recovery from the Covid-19 pandemic, under different monetary policy and exchange rate regimes.
The Morocco Policy Analysis Model Theoretical Framework And Policy Scenarios
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Author : Aya Achour
language : en
Publisher: International Monetary Fund
Release Date : 2021-04-30
The Morocco Policy Analysis Model Theoretical Framework And Policy Scenarios written by Aya Achour and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-30 with Business & Economics categories.
The Morocco Policy Analysis model (MOPAM) was created in the Bank Al-Maghrib to simulate the impact of external developments, domestic macroeconomic policies, and structural reforms on key macroeconomic aggregates. We describe its structure and demonstrate its operation on two medium-term scenarios: (1) fiscal consolidation to stabilize the debt-to-GDP ratio and (2) the effects of the COVID-19 shock, including the endogenous fiscal and monetary policy response.
Monetary Policy In Low Financial Development Countries
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Author : Juan Antonio Morales
language : en
Publisher: Oxford University Press
Release Date : 2021
Monetary Policy In Low Financial Development Countries written by Juan Antonio Morales and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Business & Economics categories.
This book gives a broad overview of the main monetary policy challenges faced by countries that are in the lower income range, have an underdeveloped financial sector, and are weakly integrated to the international capital market.
Recent Experiences In Managing Capital Inflows Cross Cutting Themes And Possible Policy Framework
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2011-02-14
Recent Experiences In Managing Capital Inflows Cross Cutting Themes And Possible Policy Framework written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-14 with Business & Economics categories.
Emerging markets (EMs) are experiencing a surge in capital inflows, lifting asset prices and growth prospects. While inflows are typically beneficial for receiving countries, inflow surges can carry macroeconomic and financial stability risks. This paper reviews the recent experience of EMs in dealing with capital inflows and suggests a possible framework for IMF policy advice on the spectrum of measures available to policymakers to manage inflows, including macroeconomic policies, prudential measures and capital controls. Illustrative applications of this framework suggest that it may be appropriate for several countries, based on their current circumstances, to consider prudential measures or capital controls in response to capital inflows. The suggested framework is intended to inform staff policy advice to all Fund members with open capital accounts. It forms part of a broader effort to sharpen Fund surveillance, preserve evenhandedness, and foster greater global policy coordination. As indicated in the Supplement to this paper, this broader effort includes the development of “global rules of the game” on macroprudential policies, capital account liberalization, and reserve adequacy, and the preparation of spillover reports assessing spillovers from the five systemic economies—all of which will inform the current and broader framework being developed.
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-23
Evolving Monetary Policy Frameworks In Low Income And Other Developing Countries written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-23 with Business & Economics categories.
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.