After more than two decades of inflation targeting in the world, it is important to evaluate if the adoption of this regime in a relevant developing country contributed to the creation of a better environment for the process of entrepreneurs' expectations formation. Brazil is part of an...

The central banks introduce and implement the monetary and financial stabilities policies, going from the accurate estimations of national macro-financial indicators such as the Gross Domestic Product (GDP). Analyzing the dependence of the GDP on the time, the central banks accurately estimate...

With increasing wave of popularity and successes of Islamic finance across the world, Nigeria aspires to be the hub of Islamic finance of Africa. The country, for instance, has an estimated population of over 170 million people, a strong banking industry and a highly receptive and agile capital...

The conduct of the monetary policy could be view as a series of decisions in which the objectives and tools are chosen. This paper explores some aspects of the strategic decisions of the monetary policy such as the roles played by central banks and other public authorities, the main constraints...

This paper explores some recent challenges for the inflation targeting. The circumstances are different for the emerging market countries and for the industrialized ones. In many emerging market countries the central banks adopted more or less formally the inflation targeting, in order to gain...

Usually, current Financial Crisis of 2008 is compared to the Great Depression of 1929. But there are some evidences that our current financial crisis has much more similarities and analogies to the crisis initiated by the panic in 1907. A brief analysis of both crises is presented. This analysis...

This paper addresses the perspective of Hayek’s doctrine on monetary arrangements in the economy and his favorable argument for an international central bank over national central bank. I also discussed Hayek’s view on free banking (i.e. for the free issue of bank notes) that would enable...

A graph representation of the financial relations in a given monetary structure is proposed. It is argued that the graph of debt-liability relations is naturally organized and simplified into a tree structure, around banks and a central bank. Indeed, this optimal graph allows to perform payments...

The paper shows the advantages and handicaps of implementing an inflation target (IT) regime, from a Post-Keynesian and, thus, an institutional stance. It is Post-Keynesian as long as it does not perceive any benefit in the mainstream split between monetary and fiscal policies. And it is...

This documents attempts to present, in a concise manner the historical evolution,the various functions, as well as the present organizational setup of the State Bank of Pakistan (SBP). There was a great need for such a study and I am glad that Mr. Farooq Arby, a research economist at SBP has...