Inflation Targeting and Economic Growth in the Middle East and North Africa (MENA): empirical modeling using ARDL approach
نویسندگان
چکیده
This paper analyses the relationship between Inflation Targeting and economic growth in 20 countries Middle East North Africa (MENA) region (Algeria, Saudi Arabia, Palestinian Authority, Bahrain, Djibouti, United Arab Emirates, Egypt, Iraq, Iran, Jordan, Kuwait, Lebanon, Libya, Morocco, Mauritania, Oman, Qatar, Syria, Tunisia, Yemen), using an Autoregressive Distributed Lag (ARDL) model over period 2000-2020. An autoregressive distributed lag is ordinary least square (OLS) based which applicable for both non-stationary time series as well times with mixed order of integration. The results show that can have several functions. It a monetary policy framework on appropriate institutional architecture. adoption inflation targeting often subject to change laws or administrative arrangements relating Central Bank. might support by lowering volatility. However, alone cannot drive growth. Moreover, econometric tests lead convergent conclusions argue existence unidirectional causal relationships indicators.
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ژورنال
عنوان ژورنال: Financial markets, institutions and risks
سال: 2022
ISSN: ['2521-1242', '2521-1250']
DOI: https://doi.org/10.21272/fmir.6(1).5-12.2022