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dc.contributor.authorSchnabl, Guntheren_US
dc.contributor.authorSchobert, Franziskaen_US
dc.description.abstractThe paper analyses the monetary policy operations of central banks in the Middle East and North Africa (MENA). We distinguish the pattern of monetary policy operations of the liquidity providing central banks of the large industrialized countries (creditor central banks) and the liquidity absorbing central banks of emerging market economies (debtor central banks). Many debtor central banks provide liquidity through foreign exchange intervention in reaction to foreign exchange inflows. If the respective liquidity expansion is regarded as a threat to domestic price and financial stability, liquidity is partly absorbed through sterilization operations. The paper finds that most MENA countries are debtor central banks due to a general pattern of excessive liquidity creation as well as due to country specific reasons.en_US
dc.publisherUniv., Wirtschaftswissenschaftliche Fakultät Leipzigen_US
dc.relation.ispartofseriesWorking Paper // Universität Leipzig 65en_US
dc.subject.keywordEmerging Marketsen_US
dc.subject.keywordDebtor Central Banksen_US
dc.subject.keywordForeign Exchange Inflowsen_US
dc.titleMonetary policy operations of debtor central banks in MENA countriesen_US
dc.typeWorking Paperen_US
Appears in Collections:Working Papers, Universität Leipzig

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