Format:
1 Online-Ressource (circa 32 Seiten)
,
Illustrationen
ISBN:
9781484365465
Series Statement:
IMF working paper WP/16, 103
Content:
We estimate the latent factors that underlie the dynamics of the sovereign bond yield curve in Morocco during 2004-14 based on the Dynamic Nelson-Siegel model. On this basis, we explore the interaction between macroeconomic variables and the yield curve, which is of direct relevance to macroeconomic policy-making. In Morocco's context, we find that tighter monetary policy increases short-end maturities, and that the impact is small and short-lived. Economic activity is also briefly but significantly impacted, suggesting that even under a pegged exchange rate, monetary policy autonomy and effectiveness can be increased through greater central bank independence. Fiscal improvements significantly lower yield levels. Policy conclusions are that improvement in the fiscal and monetary policy frameworks, as well as greater financial sector development and inclusion, could benefit Morocco and strengthen the transmission mechanisms and effectiveness of macroeconomic policies
Additional Edition:
Erscheint auch als Druck-Ausgabe Ahokpossi, Calixte Monetary and Fiscal Policies and the Dynamics of the Yield Curve in Morocco Washington, D.C. : International Monetary Fund, 2016 ISBN 9781484365465
Language:
English
Keywords:
Arbeitspapier
;
Graue Literatur
DOI:
10.5089/9781484365465.001
URL:
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