Tunisia has been undertaking reforms of its financial sector as part of broader macroeconomic adjustment program and structural reform since 1987. We aim, in this paper, at studying the reform consequences through the money demand function analysis. It is shown that this function was stable,...

The purpose of this paper is to examine the volatility relationship that exists between emerging and developed markets in normal times and in times of financial crises. The Vector Autoregressive methodology and the Bai and Perron (2003a,b)’s technique are used. The paper results lead to very...

The objective of this paper is to explore the feasibility and efficiency of inflation targeting as a new monetary strategy in Morocco. Inflation targeting (IT) is a strategy that aims primarily at controlling inflation and makes it its main objective, but it goes well beyond the simple adoption...

This paper investigates whether there are differential effects of monetary policy across bank size, liquidity and capitalization in some selected MENA countries namely Egypt, Jordan, Morocco and Tunisia, to test for the presence of the bank lending channel. It uses a panel of bank balance sheet...

Understanding the transmission mechanism of monetary policy, especially the time lag involved between a policy change and its impact on inflation and output, constitutes a prerequisite to the implementation of any sound monetary strategy. The uncertainties that might surround the transmission...

Relatively little empirical evidence is available that estimates the relationship between asset price movements and monetary policy measures. This paper, which is the first study that focuses on the linkage between monetary policy and stock market prices, aims at analyzing the interaction...