Persistent Growth Episodes and Macroeconomic Policy Performance in Israel

2013 ◽  
Author(s):  
Karnit Flug ◽  
Michel Strawczynski
Keyword(s):  
Macroeconomic Policy ◽  
Policy Performance

Does Central Bank Independence in Arab Oil Exporters Matter?

2019 ◽  
pp. 119-148 ◽  
Author(s):  
Hoda Selim
Keyword(s):  
Central Bank ◽  
Oil Prices ◽  
Macroeconomic Policy ◽  
Executive Branch ◽  
Central Banks ◽  
Institutional Arrangements ◽  
Central Bank Independence ◽  
Policy Outcomes ◽  
Policy Performance ◽  
Weak Institutions

This chapter shows that central banks in Arab oil exporters are not independent. Low independence reflects institutional arrangements that allow the executive branch to influence, interfere, even dominate central bank operations. In a context of weak institutions, central bank independence (CBI) has not always mattered for macroeconomic policy outcomes. Gulf Cooperation Council (GCC) central banks delivered a better macroeconomic policy performance than those of the populous group because the credible peg discouraged discretion. Soft peg arrangements in the populous economies, in a context of weak institutions and discretionary policymaking and no de facto independent central bank, led to disappointing monetary policy outcomes. As oil exporters adapt to a new normal of low oil prices, the sustainability of fixed exchange rate regimes may not be guaranteed without sound macroeconomic institutions. Stronger institutions and effective accountability mechanisms are needed to insulate central banks from political pressures. In the short term, a rules-based framework could help.

Capitalising upon Globalisation

2018 ◽  
Author(s):  
David M. Webber
Keyword(s):  
Political Economy ◽  
Foreign Policy ◽  
International Development ◽  
Macroeconomic Policy ◽  
Domestic Policy ◽  
Policy Decisions ◽  
Gordon Brown ◽  
Development Policies ◽  
At Home

Having mapped out in the previous chapter, New Labour’s often contradictory and even ‘politically-convenient’ understanding of globalisation, chapter 3 offers analysis of three key areas of domestic policy that Gordon Brown would later transpose to the realm of international development: (i) macroeconomic policy, (ii) business, and (iii) welfare. Since, according to Brown at least, globalisation had resulted in a blurring of the previously distinct spheres of domestic and foreign policy, it made sense for those strategies and policy decisions designed for consumption at home to be transposed abroad. The focus of this chapter is the design of these three areas of domestic policy; the unmistakeable imprint of Brown in these areas and their place in building of New Labour’s political economy. Strikingly, Brown’s hand in these policies and the themes that underpinned them would again reappear in the international development policies explored in much greater detail later in the book.

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