Hidden Bibliographic Details
| Varying Form of Title: | Monetary and fiscal policies and the dynamics of the yield curve in Morocco
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| Other authors / contributors: | García Martínez, Pilar, author, (IMF staff)
Kemoe, Laurent, author.
International Monetary Fund. Middle East and Central Asia Department, publisher.
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| ISBN: | 9781484365465
1484365461
147552630X
9781475526301
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| ISSN: | 1018-5941
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| Notes: | "May 2016."
"Middle East and Central Asia Department."
Includes bibliographical references (pages 24-25).
Online resource; title from pdf title page (IMF.org Web site, viewed July 13, 2016).
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| Summary: | 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.
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| Other form: | Print version: Ahokpossi, Calixte. Monetary and Fiscal Policies and the Dynamics of the Yield Curve in Morocco. Washington, D.C. : International Monetary Fund, ©2016 9781484365465
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| Standard no.: | 10.5089/9781484365465.001
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