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The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly projection model that was tailored for two different types of exchange rate regimes. Presently, the fixed exchange rate model version is to be used during the pre-IT period, while the flexible exchange rate model version is to be used to prepare alternative scenarios for monetary policy decision makers to discuss the potential policy implications of shocks under an IT regime.
Throughout the past two decades, Morocco has faced several external and domestic shocks, including large swings in international oil prices, regional geopolitical tensions, severe droughts, and most recently the impact of the pandemic and the economic fallout from Russia's invasion of Ukraine. Despite rough waters, the government stayed the course and remained focused not only on immediate stability, but also on the long-term needs of the Moroccan economy. This involved the adoption of a series of difficult measures, like the elimination of energy subsidies, and a strategy aimed at improving the country's infrastructure, diversifying the production and export bases by attracting foreign inve...
The works collected in The Lure of Authoritarianism consider the normative appeal of authoritarianism in light of the 2011 popular uprisings in the Middle East. Despite what seemed to be a popular revolution in favor of more democratic politics, there has instead been a slide back toward authoritarian regimes that merely gesture toward notions of democracy. In the chaos that followed the Arab Spring, societies were lured by the prospect of strong leaders with firm guiding hands. The shift toward normalizing these regimes seems sudden, but the works collected in this volume document a gradual shift toward support for authoritarianism over democracy that stretches back decades in North Africa. Contributors consider the ideological, socioeconomic, and security-based justifications of authoritarianism as well as the surprising and vigorous reestablishment of authoritarianism in these regions. With careful attention to local variations and differences in political strategies, the volume provides a nuanced and sweeping consideration of the changes in the Middle East in the past and what they mean for the future.
This book brings together theoretical, methodological and policy-relevant contributions by leading researchers on international child poverty.
The Morocco Policy Analysis model (MOPAM) was created in the Bank Al-Maghrib to simulate the impact of external developments, domestic macroeconomic policies, and structural reforms on key macroeconomic aggregates. We describe its structure and demonstrate its operation on two medium-term scenarios: (1) fiscal consolidation to stabilize the debt-to-GDP ratio and (2) the effects of the COVID-19 shock, including the endogenous fiscal and monetary policy response.
This paper takes stock of forecasting and policy analysis system capacity development (FPAS CD), drawing extensively on the experience and lessons learned from developing FPAS capacity in the central banks. By sharing the insights gained during FPAS CD delivery and outlining the typical tools developed in the process, the paper aims to facilitate the understanding of FPAS CD within the IMF and to inform future CD on building macroeconomic frameworks. As such, the paper offers a qualitative assessment of the experience with FPAS CD delivery and the use of FPAS in the decision-making process in central banks.
This volume reviews and summarizes some of A. I. McLeod's significant contributions to time series analysis. It also contains original contributions to the field and to related areas by participants of the festschrift held in June 2014 and friends of Dr. McLeod. Covering a diverse range of state-of-the-art topics, this volume well balances applied and theoretical research across fourteen contributions by experts in the field. It will be of interest to researchers and practitioners in time series, econometricians, and graduate students in time series or econometrics, as well as environmental statisticians, data scientists, statisticians interested in graphical models, and researchers in quantitative risk management.
This Technical Assistance Report discusses the finalization of the development of standardized report forms (SRF) for other financial corporations (OFC). The mission held constructive discussions with Bank Al-Maghrib’s (BAM) staff on various other aspects of the compilation of monetary and financial statistics (MFS) aimed at improving the quality of the data. These discussions led to the preparation of a detailed action plan with the following priority recommendations carrying particular weight to make headway in improving MFS. The mission held constructive discussions with the staff of the Banking Supervision Department on the classification in the monetary statistics of the financial products offered by Islamic banks. The mission supported BAM proposal to develop a reporting form for the collection of bank source data on securities valuation. The mission made recommendations to improve the sectoring of the financial statements of finance companies and offshore banks.
Volume 1 of The Arab Spring Five Years Later is based on extensive research conducted by scholars from a variety of backgrounds, including many associated with the Japan International Cooperation Agency (JICA). The original research papers are gathered in volume 2 and are available for readers who wish to go even further in understanding the economic background of the Arab Spring. Papers examine women's issues and agricultural practices in Morocco; urban transportation, small enterprises, governance, and inclusive planning in Egypt; reconstruction in Iraq; youth employment in Tunisia; education in Yemen; and more. In addition to Hafez Ghanem, contributors include Mongi Boughzala (University of Tunis ElManar, Tunisia), Mohamed Tlili Hamdi (University of Sfax, Tunisia),Yuriko Kameyama (JICA), Hideki Matsunaga (JICA), Mayada Magdy (JICA), Yuko Morikawa (JICA), Akira Murata (JICA), Kei Sakamoto (JICA), Seiki Tanaka (JICA), Masanori Yoshikawa (JICA), and Takako Yuki (JICA).
This two-volume set explores in-depth the economic origins and repercussions of the Arab Spring revolts. Volume 1 of The Arab Spring Five Years Later is based on extensive research conducted by scholars from a variety of backgrounds, including many associated with the Japan International Cooperation Agency (JICA). The original research papers are gathered in volume 2 and are available for readers who wish to go even further in understanding the economic background of the Arab Spring. Papers examine women's issues and agricultural practices in Morocco; urban transportation, small enterprises, governance, and inclusive planning in Egypt; reconstruction in Iraq; youth employment in Tunisia; education in Yemen; and more. In addition to Hafez Ghanem, contributors include Mongi Boughzala (University of Tunis ElManar, Tunisia), Mohamed Tlili Hamdi (University of Sfax, Tunisia),Yuriko Kameyama (JICA), Hideki Matsunaga (JICA), Mayada Magdy (JICA), Yuko Morikawa (JICA), Akira Murata (JICA), Kei Sakamoto (JICA), Seiki Tanaka (JICA), Masanori Yoshikawa (JICA), and Takako Yuki (JICA).