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GLOBAL ASYMMETRIES IN MONETARY POLICY OPERATIONS: DEBTOR CENTRAL BANKS OF THE MENA REGION

机译:货币政策运作中的全球不对称性:中部地区的债务中央银行

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摘要

We analyse the monetary policy operations of central banks in the Middle East and North Africa. We distinguish liquidity-providing central banks of large industrialized countries (creditor central banks) and liquidity-absorbing central banks of emerging market economies (debtor central banks). Many debtor central banks provide liquidity through foreign exchange intervention as well as by fiscal financing and financial restructuring. If the resulting liquidity creation is regarded as excessive, liquidity is absorbed through sterilization operations such as reserve requirements and (to a limited extent) open market operations. Some central banks coordinate their liquidity management with the fiscal authorities.
机译:我们分析了中东和北非中央银行的货币政策运作。我们区分了大型工业化国家提供流动性的中央银行(信用中央银行)和新兴市场经济体的吸收流动性的中央银行(债务人中央银行)。许多债务人中央银行通过外汇干预以及财政融资和金融重组提供流动性。如果认为由此产生的流动性过多,则会通过诸如准备金要求和(在一定程度上)公开市场操作等灭菌操作吸收流动性。一些中央银行与财政当局协调其流动性管理。

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  • 来源
    《The Manchester school》 |2009年第suppla期|85-107|共23页
  • 作者单位

    Department of Economics, Leipzig University;

    Centre for Technical Central Bank Cooperation, Deutsche Bundesbank;

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  • 正文语种 eng
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