Monetary policy

française Division française Services linguistiques du FMI Traduction : Pierre Pellerin Correction & PAO : Catherine Helwig ISBN 1-58906-021-0 ISSN 1020-7724 Mars 2001 Pour obtenir les publications du FMI, adressez votre commande à : International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, DC 20431 (U.S.A.) Téléphone : (202) 623-7430 Télécopie : (202) 623-7201 Messagerie électronique : publications@imf.org Internet : http://www.imf.org Préface La collection des Dossiers

Morocco's economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatization of certain economic sectors which used to be in the hands of the government.[1] Morocco has become a major player in the African economic affairs [2], and is the 5th African economy by GDP (PPP). Morocco was ranked the 1st African country by the Economist Intelligence Unit' quality-of-life index, ahead of South Africa and the UAE. Tough

secular of saints...” (l.6) d. “Part poet, part pol...” (l.8) 2. Use the context to deduce the meaning of the following words. a. shrewd (l.4): R rusé £ innocent £ habile £ insensible £ perspicace £ vulnérable b. pol (l.8)is the contraction of : £ policy maker £ polyvalent £ policeman R politician c. agenda (l.11):£ agenda R programme £ carnet de bord £ journal £ courrier 3. Explain Bono’s aim in your own words. (50 words) Bono is dedicated to the cause of Africa, to “solving the financial and

théorique45, les partisans de la dollarisation ont imaginé récemment des formules ingénieuses de « partage des droits de seigneuriage » entre les économies dollarisées et les Etats-Unis. Les propositions américaines, synthétisées dans l’International Monetary Stability Act du sénateur Connie Mack46 encouragent la signature d’accords bilatéraux, préfigurant ainsi un modèle de régime monétaire à mi-chemin entre la dollarisation unilatérale et l’union monétaire complète avec les Etats-Unis. De tels accords

has tended to experience greater inflation than Britain and the US, gold has performed comparatively better against other asset classes, whose returns have suffered through inflation. In Germany and Japan during this time-span severe economic and monetary crises wiped out much of the cumulative wealth from investments in stocks or government bonds. Holding gold was a more effective means of wealth preservation than holding other assets between 1940 and 1949, in France, Germany and Japan, countries

gov/newsevents/speech/kroszner20081208a.htm. 6 Primary dealers are broker-dealers that trade in U.S. government securities with the Federal Reserve Bank of New York. The New York Fed’s Open Market Desk engages in trades on behalf of the Federal Reserve System to implement monetary policy. 5 -9confidence has been maintained. However, this program was adopted under our emergency powers to address unusual and exigent circumstances. Therefore, morepermanent reforms are needed. For example, it may be worthwhile considering the

Because of the resurgence of neoliberalism during the late seventies and early eighties, the free trade argument became mainstream economic policy: ‘The neoliberal resurgence in international economics since the early 1980s gave almost axiomatic status to the optimation potential of free trade, a view which has now come to represent the conventional wisdom on trade policy’ (Deraniyagala 2005: 99). c Unequal exchange In the late sixties and early seventies, a theory rooted in the structuralist critique

circumstances of the particular company. However, for some situations, standards are either silent or offer a choice. Management should select the appropriate accounting policies. Management uses its judgement in developing and applying an accounting policy that results in information that meets the qualitative characteristics of relevance and reliability, including faithful representation, substance over form, neutrality, prudence and completeness. If there is no IFRS standard or guidance, management

43-62. SOMERVILLE, CT. 2004. « Zoning and Affordable Housing : a critical review of Gleaser and Gyourko's paper». SCHL, 66 pages. SOMERVILLE, C.T. et C.J. Mayer. 2003. « Government Regulation and Changes in the Affordable Housing Stock», Economic Policy Review, Federal Reserve Bank of New York, Vol 9, No 2, p. 45-62. STOCK, J.H. et M.W. Watson. 1990. Business Cycle Properties of Selected D.S. Economic Time Series, 1959-1988 », NBER, Working Paper No 3376, p.1-110 WHEATON, W.1987. « The Cyclical Behavior

the dollar value With the crisis, investors preferred to use the dollar as a borrowed currency. This can be explained by all the liquidities that are injected in the American economy to limit the disaster. And according to the monetarist policy, with the monetary aggregate, the more liquidity is created in an economy, the less value the dollar has. So the dollar has decreased. Consequence for carry trade It consists in buying a low interest currency to hold it in an interest bearing account