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By Rym Ayadi, Sami Mouley (auth.)
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Extra info for Monetary Policies, Banking Systems, Regulatory Convergence, Efficiency and Growth in the Mediterranean
They generally have to cope with a deficient fiscal 52 Monetary Policies and Banking Systems in the Mediterranean system. Besides, financial repression conditions can make lending of resources by the state in the domestic market very difficult. The banking systems are often in a precarious situation, with a very significant budgetary cost, when monetary authorities have to intervene to contain banking crises. Nevertheless, and although it seems difficult to implement a monetary policy based on a direct inflation target, important progress has been recorded for the adoption of such a strategy, in particular in emerging countries (Chile, Brazil, Mexico and Turkey) or countries in transition (Czech Republic, Poland and Hungary).
T – π*) + Ψ . (Δ ct – Δ c*) (8) where Δc represents the growth in domestic credit and Δc* its trend. 2 Empirical applications The empirical study which follows illustrates the response functions of the CBT in two referential scenarios. Firstly, in the current framework for implementing of monetary policy in a managed floating system, thus authorising competitive depreciation of the nominal exchange rate and hence misalignments to its fundamental equilibrium norm. Subsequently, in a more advanced framework of capital account liberalisation.
The growth rates of the monetary base are fixed every quarter in order to keep the growth of nominal GDP close to a NAIRU corresponding to the long-term real growth rate. The response function specifies the adjustment that the central bank has to make with respect to the deviation of effective GDP compared with target GDP. In other words, the central bank manipulates the interest rate according to the inflation gap but also the output gap: it = r* + π* + α . (πt – π*) + γ . (ut – u*t ) (7) where ut and u*t respectively represent the current and the natural unemployment rates in the sense of the augmented expectations Phillips’ curve.