G2TT
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
URLhttps://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
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Sami Mouley. Challenges arising from Capital Account Liberalisation in the Countries of the South Mediterranean Region. 2012.
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