Mr.Martin Sommer

Mr.Allan G Auclair

Mr.Armand Fouejieu

Ms.Inutu Lukonga

Mr.Saad N Quayyum

Amir Sadeghi

Mr.Gazi H Shbaikat

Mr.Andrew J Tiffin

Mr.Bruno Versailles

This paper discusses the challenges posed by low oil prices in the MENA and CCA regions, the adjustment policies adopted so far, and remaining adjustment needs and future risks.

Policy Adjustment in MENA and CCA Oil-Exporting Countries

Learning to Live with Cheaper Oil

Wei Shi

Anta Ndoye

Mr.Nicolas R Blancher

Maximiliano Appendino

Aidyn Bibolov

Mr.Jiawei Li

Alexandra Panagiotakopoulou

Tetyana Sydorenko

The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversification and growth challenges many countries are facing. In the Middle East and Central Asia (MENAP and CCA) regions, SMEs represent an important share of firms, but the regions lag most others in terms of SME access to financing.

Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia

Mr.Christian Ebeke

This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample of EMs and after controlling for the selection bias associated with the adoption of IT, we find that IT countries on average have a relatively more flexible exchange rate regime than other EMs. However, the flexibility of the exchange rate regime shows strong heterogeneity among IT countries depending on their degree of openness and exposure to FX risks. Moreover, we find that the marginal effect of IT adoption on the exchange rate flexibility increases with the duration of the IT regime in place, and with the propensity scores to adopt it.

Inflation Targeting and Exchange Rate Regimes in Emerging Markets

Mr.Armand Fouejieu

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