By Rym Ayadi, Sami Mouley (auth.)
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The ebook makes an attempt to offer a accomplished description and testable thought of the complex, yet now not unintelligible process of bank-firm relationships within the dynamic atmosphere of a progressively deregulated monetary industry. It presents either idea and empirical facts that shut bank-firm relationships result in a reduce fraction of financial institution finance.
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Extra resources for Monetary Policies, Banking Systems, Regulatory Convergence, Efficiency and Growth in the Mediterranean
This relation between production and unemployment is known as Okun’s law and allows the output gap to be substituted by the unemployment gap. However, this rule has some limits, as pointed Monetary Policy and Central Banking Independence 43 out by several authors. First of all, in order to make this rule operational, it is necessary to estimate the natural unemployment rate with very different and complex concepts (structural, equilibrium, NAIRU (Non-accelerating inflation rate of unemployment), NAWRU (Non-accelerating wage rate of unemployment), and so on).
Besides the ultimate goal of price stability, the authorities can adopt a strategy of monitoring a monetary aggregate at a transitional stage. The response functions of an augmented Taylor type take then the following forms. 13 Response of CPI, TB and GDP to ER and TB in Jordan. 14 Response of CPI, TB and GDP to ER and TB in Lebanon. 15 Response of CPI, TB and GDP to ER and TB in Morocco. 16 Response of CPI, TB and GDP to ER and TB in Turkey. (a) Response of CPI to ER; (b) Response of GDP to ER; (c) Response of TB to ER; (d) Response of CPI to TB; (e) Response of GDP to TB; (f) Response of ER to TB 42 Monetary Policies and Banking Systems in the Mediterranean Monetary targeting: it = α + ϕ .
However, McCallum (1995a) states that these shocks exist irrespective of the objective and that a nominal GDP rule is the most efficient to mitigate the effects. Furthermore, GDP statistics are not available quickly and are often revised. Moreover, this rule refers to a very particular institutional context where the authorities have perfect control over the monetary base (Woodford, 1994). , 1999): it = r* + π* + α . (πt – π*) + Ψ . (Δ ct – Δ c*) (8) where Δc represents the growth in domestic credit and Δc* its trend.
Monetary Policies, Banking Systems, Regulatory Convergence, Efficiency and Growth in the Mediterranean by Rym Ayadi, Sami Mouley (auth.)