Monetary policy, exchange rates and stock prices in the Middle East region

A structural vector autoregressive model is employed to investigate the impact of monetary policy and real exchange rate shocks on the stock market performance of Kuwait, Oman, Saudi Arabia, Egypt and Jordan. In order to identify the structural shocks both short run and long run restrictions are applied. Unlike previous literature the contemporaneous interdependence between the financial variables are left unrestricted to give a more accurate depiction of the relationships. The heterogeneity of the results reflect the different monetary policy frameworks and stock market characteristics of these countries. Mainly, monetary policy and the real exchange rate shocks have a significant short run impact on the stock prices of the countries that apply a relatively more independent monetary policy and flexible exchange rates.

Inflation targeting and the consistency of monetary policy decisions in Mexico: an empirical analysis with discrete choice models

This paper examines the nature of monetary policy decisions in Mexico using discrete choice models applied to the Central Bank's explicit monetary policy instrument. We find that monetary policy adjustments in Mexico have been strongly consistent with the CB's inflation targeting strategy. We also find evidence that monetary policy responds in a forward-looking manner to deviations of inflation from the target and that observed policy adjustments exhibit asymmetric features, with stronger responses to positive than to negative deviations of inflation from the target and a greater likelihood of policy persistence during periods when monetary policy is tightened, compared with periods when policy is loosened.

Understanding community empowerment in urban regeneration and planning in England: putting policy and practice in context

Community involvement in the fields of town planning and urban regeneration includes a wide range of opportunities for residents and service users to engage with networks, partnerships and centres of power. Both the terminology and degree of the transfer of power to citizens varies in different policy areas and contexts but five core objectives can be identified. This article approaches the subject of community empowerment by exploring the theoretical literature; reviewing recent policy pronouncements relating to community involvement in England and by discussing a recent case study of an Urban II project in London. The conclusions suggest that community empowerment is always likely to be partial and contingent on local circumstances and the wider context.