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来源类型 | MEDPRO Technical Papers |
规范类型 | 论文 |
Challenges arising from Capital Account Liberalisation in the Countries of the South Mediterranean Region | |
Sami Mouley | |
发表日期 | 2012-03-29 |
出版年 | 2012 |
语种 | 英语 |
摘要 | This MEDPRO Technical Report confirms the importance of commercial openness and macroeconomic performance (i.e. the control of inflation and stability of current account balance and exchange rate) on growth dynamics in the south Mediterranean countries. In particular, the positive impact of capital account liberalisation is conditioned by the imperative reinforcement of institutional quality, country risk reduction, and government stability. An examination of the Tunisian case shows that only sectors subject to tariff dismantlement within the framework of the Association Agreement with the EU appear to benefit from capital account liberalisation. Furthermore, the report shows that a scenario of capital account liberalisation requires the anticipation of monetary policy reaction functions. It follows that the mechanisms for interest rate adjustment, or inter alia, the interest rates’ reaction to price fluctuations, are weakly volatile. In turn, the analysis shows that an active control of inflation mismatches occurs essentially through exchange rate corrections, thus highlighting the greater interest central banks have in exchange rate stability over real stability. A capital account liberalisation scenario would hence impose a tightening of monetary policy. The report is in French with Executive Summaries in English and French. Author Sami Mouley, is Professor at the University of Tunis and the Institut Tunisien de la Compétitivité & des Etudes Quantitatives – ITCEQ. |
主题 | Economy and Finance |
URL | https://www.ceps.eu/publications/challenges-arising-capital-account-liberalisation-countries-south-mediterranean-region |
来源智库 | Centre for European Policy Studies (Belgium) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/63257 |
推荐引用方式 GB/T 7714 | Sami Mouley. Challenges arising from Capital Account Liberalisation in the Countries of the South Mediterranean Region. 2012. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
MEDPRO%20TR%20No%201(1048KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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