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Author Fanizza, Domenico, author

Title Fiscal determinants of inflation : a primer for the Middle East and North Africa / Domenico Fanizza and Ludvig Söderling
Published [Washington, D.C.] : International Monetary Fund, Middle East and Central Asia Dept., [2006]
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Description 1 online resource (15 pages) : illustrations
Series IMF working paper ; WP/06/216
IMF working paper ; WP/06/216
Summary 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
Bibliography Includes bibliographical references
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Debts, Public -- Africa, North.
Debts, Public -- Middle East.
Fiscal policy -- Africa, North.
Fiscal policy -- Middle East.
Inflation (Finance) -- Africa, North.
Inflation (Finance) -- Middle East.
Form Electronic book
Author Söderling, Ludvig, author
International Monetary Fund. Middle East and Central Asia Department.
ISBN 1283516403