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Author: Mr.Johannes Mueller Publisher: International Monetary Fund ISBN: 1451934610 Category : Business & Economics Languages : en Pages : 50
Book Description
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author: Mr.Johannes Mueller Publisher: International Monetary Fund ISBN: 1451934610 Category : Business & Economics Languages : en Pages : 50
Book Description
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author: Armen Papazian Publisher: ISBN: Category : Languages : en Pages : 10
Book Description
This paper explores currency substitution in Lebanon within the context of the recently growing debate on dollarization. Indeed, a number of distinguished scholars have lately made the case for full dollarization following its adoption in Ecuador (2000) and El Salvador (2001). This study, one of the very few focusing on Lebanon, looks at deposit, private liability, and public debt dollarization ratios and finds that Lebanon, when compared to Latin American countries, ranks 5th in deposit dollarization and 2nd in liability dollarization. The study also reveals that dollarization ratios have stayed persistently high despite declining inflation rates and high real returns on Lebanese Pound denominated assets. The paper suggests a political economy based interpretation of the persistently high rates of dollarization, and finds that the latter seem to be a market imposed monetary condition, a response to the unfree and co-opted nature of the state. Indeed, it is possible to argue that currency substitution gives domestic consumers the necessary protection from local wealth-destroying policies. While advocates of dollarization perceive the process as the least bad alternative to macroeconomic mismanagement, I suggest that it is in fact the worst alternative to learning the tools and techniques of domestic wealth creation. Money is the very symbol of societal trust, and is thus more elemental than exchange rate policy. In the case of Lebanon, theoretical and idiosyncratic reasons lead to the recommendation of a de-dollarization process. On a suggestive basis, I propose that the issuing of a new Lebanese Lira could be a viable way of providing incentives and inspiring trust.
Author: Mr.Paul Cashin Publisher: International Monetary Fund ISBN: 9781557754592 Category : Business & Economics Languages : en Pages : 76
Book Description
This paper provides background information on the Lebanese economy, based on an analysis of the economic consequences of war, and discusses several issues that will be central to Lebanon's prospects for recovery
Author: Imad Amin Shihab Publisher: ISBN: Category : Devaluation of currency Languages : en Pages : 720
Book Description
In recent years, the Issue of 'dollarizatian'in the Lebanese economy' has increased to an extent where It has become a critical problem for the country, from the stand¬point of its economic as well as social effects on the economy. This thesis focuses primarily on the analysis of the causes underlying the growth of dollarization in the economy, its consequences, as yell as suggesting recommendations in order to cope with the emerging problem in recent years.
Author: Moon Georges Baz Publisher: ISBN: Category : Lebanon Languages : en Pages : 174
Book Description
The Lebanese central bank is targeting the nominal exchange rate since 1992 to a chieve price stability and to control inflation. Some economies have shifted to targeting the inflation rate. This rendered their monetary policy more effective . Whether the Lebanese central bank should target inflation instead of targeting the exchange rate has been a subject of debate among major economists and finan cial advisors. This project examines the current monetary policy implemented in Lebanon and whe ther it should be changed in favor of a better monetary policy regime. In the case of Lebanon, its high dollarization led to a virtual disinflation dur ing the 1990s; however, the results were reversed with time. The Lebanese econom y has witnessed a loss of competitiveness, a large structural deficit, mounting up debt, and hence it became increasingly defenseless against volatility of capi tal flows and adjustments in nominal exchange rate. The first chapter reviews related literature on the monetary policy transmission mechanism. Then, the case of the Lebanese economy is reviewed since the 1990. M oreover, several modern and relevant Lebanese issues are evaluated, such as the increased cost of living, the increased price of oil, and the severe inflation d ue to the depreciation of the dollar. Subsequently, this study empirically explo res the impact of the current appreciation of the Euro on the Lebanese economy a nd the implications of the current peg to the US Dollar on current fundamentals. Finally, this project concludes with recommendations and further research.
Author: Mr.Johannes Mueller
Author: Mr.Johannes Mueller
Author: Armen Papazian
Author: Mr.Paul Cashin
Author: Imad Amin Shihab
Author: Farah Abdul Malek el Bsat
Author: Johannes Müller
Author: Mohamad Ahmad Abou Hamia
Author: Jad Damaj
Author: Lara-Irma William Barghout
Author: Moon Georges Baz