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Annual Central Bank Conference on Development Economics in the Middle East and North Africa

Online/Hybrid

MENA ACBC Conference photo
  • The Regional Research Network (RRN) of MENA Central Banks was initiated in the Spring of 2020 by the World Bank Office of the MENA region’s Chief Economist. The Steering Committee of the RRN, composed of officials from research departments of MENA Central Banks of Algeria, Egypt, Jordan, Lebanon, Morocco, Tunisia, Palestine, Saudi Arabia, Iraq, UAE, Oman, Bahrain, Kuwait, Djibouti.

    The objective of the Network is to facilitate the exchange of ideas and experiences among the Central Banks regarding policies and mechanisms that help strengthen research capabilities on monetary and fiscal policy. In addition, increase the influential role of research in decision-making and to strengthen collaboration between researchers from the World Bank, Central Banks, and academia in the MENA region.

    As part of this process, the first annual RRN conference took place with the participation of representatives of the research departments of 14 Central Banks. the conference was conducted virtually given the COVID pandemic. The conference’s theme was Macroeconomic Policy: Innovation and Challenges during Uncertain Times.

    On Jan 31st- Feb 1, 2023, the 2nd annual RRN conference will take place in Riyadh using a hybrid format with the participation of representatives of the research departments of 14 Central Banks. The conference’s theme is “Inflation Dynamics during Uncertain Times: The path towards stable and sustainable recovery.”

  • 2nd Annual Central Bank Conference on Development Economics in the Middle East and North Africa

    Watch the video replay of the 2nd Annual Conference titled “Inflation Dynamics During Uncertain Times: The Path toward stable and sustainable recovery”

    Video of Day 1 of the conference
    Video of Day 2 of the conference

    You are cordially invited to the 2nd Annual Central Bank Conference on Development Economics in the Middle East and North Africa. The conference will take place in Riyadh using a hybrid format with the participation of representatives of the research departments of 14 Central Banks. We look forward to your participation.

    Date: Jan 31- Feb 1, 2023

    Hosted by: Central Bank of Kingdom of Saudi Arabia

    Call for Papers

    The call for papers to be featured in the 2nd Annual Conference on Development Economics in MENA had a deadline of Nov. 18, 2022. Interested authors were told to submit their papers via email at menarrn@worldbank.org. The authors of accepted papers were notified by email on December 11, 2022.

    The sessions will feature the paper presentations, a keynote lecture, and a high-level policy panel during the conference in Riyadh, Saudi Arabia, on Jan 31 and Feb 1, 2023.

    The RRN Steering Committee sought high-quality and internationally publishable research papers on but, not limited to the following topics:

    • Inflation drivers and their ramifications globally and for the MENA region
    • Macroeconomic policy mix during a period of high interest rates
    • Fiscal vulnerabilities and debt dynamics during periods of rising inflation and rising interest rates
    • Structural interventions for recovery, including social protection and structural reforms
    • Theoretical and empirical papers are welcome. They need not focus solely on the MENA region but must be relevant to it. 

    Questions or comments about the submission of papers can be addressed to menarrn@worldbank.org.

    Selected Research Papers

    Agenda 

    DAY 1:  January 31, 11:00 am – 09:10 pm (KSA), 3:00 am – 1:15 pm (Washington, D.C.)

    TIME/REGISTRATION

    DESCRIPTION

     10:00 am - 11:00 am

     (KSA)

     2:00 am – 3:00 am

     (Washington DC)

     7:00 am – 8:00 am

     (London)

    Registration

    11:00 am – 11:30 am

    (KSA)

    3:00 am –  3:30 am

    (Washington, D.C.)

    8:00 am – 8:30 am

    (London)

    Welcome and Opening Remarks

    Fahad bin Abdullah Almubarak, Governor, Central Bank of KSA
    Ferid Belhaj, Regional Vice President, World Bank

     

    11:40 am - 12:55 pm

    (KSA)

    3:40 am – 4:55 pm

    (Washington, D.C.)

    8:40 am – 9:55 am

    (London)

    Session 1. Domestic and External Drivers of Inflation in MENA I

    Session Moderator: Shireen Fahmy, Chief Economist, Central Bank of Egypt

     

    Paper 1: Impact of Monetary and Fiscal Policies on Inflation in Time of Crisis using FISCAL DSGE model: Case of Tunisia

    Speaker: Hager Ben Romdhane

    Co-author: Mehdi Bellalouna

    Paper 2: Domestic and External Inflation Drivers in Oil Exporting Countries: Empirical Evidence from the UAE
    Speaker: El Mostafa Bentour

    Paper 3: Inflation Dynamics During Uncertain Periods: The Case of Palestine

    Speaker: Shaker Sarsour

    Paper 4: Inflation in Saudi Arabia: Revisiting the Macroeconomic Determinants and Testing the Relevance of Fisher Equation

    Speakers: Soleman Alsabban, Mohammed Al Yousif, Bander Alghamdi

      12:55 pm - 1:15 pm

      (KSA)

      4:55 am – 5:15 am

      (Washington, D.C.)
      9:55 am – 10:15 am

      (London)

    Prayer Time and Coffee Break

    1:20 pm–2:40 pm
    (KSA)
    5:20 am – 6:40 am
    (Washington, D.C.)
    10:20 am – 11:40 am
    (London)



     

     

     

     

     

     

     

    Session 2. The Role of the Dollar and U.S Interest Rates

    Session Moderator: Leila Baghdadi, Executive Board Member, Central Bank of Tunisia

     

    Paper 1: International Commodity Prices Transmission to Consumer Prices in Africa

    Speaker: Thibault Lemaire
    Co-author: Paul Vertier

    Paper 2: The US Monetary Conditions and Dubai’s Real Estate Market: Twist or Tango?
    Speaker: Ahmed Shoukry Rashad
    Co-author: Mahmoud A. Farghally

    Paper 3: The International Price of Remote Work
    Speaker:  Javier Cravino
    Co-authors: Agostina Brinatti, Alberto Cavallo, Andres Drenik


    Paper 4: U.S. Monetary Policy Spillovers to Middle East and Central Asia: Both Shocks and Fundamentals Matter
    Speaker: Weining Xin
    Co-author: Giovanni Ugazio

     2:40 pm – 3:40 pm

     (KSA)

     6:40 am - 7:40 am

     (Washington, D.C.)

     11:40 am – 12:40 pm

     (London)

    Lunch Break

     3:45 pm – 4:45 pm

     (KSA)

     7:45 am – 8:45 am

     (Washington, D.C.)
     12:45 pm – 1:45 pm

     (London)

     

    The Role of Research in Central Bank Policymaking: Exchange of Lessons and Best Practices

    Moderator:

    Roberta Gatti, RRN Chair and Chief Economist, MNA-World Bank

    Presenters:

    Fahad Alshathri, Deputy Governor, Central Bank of Saudi Arabia

    Gerardo Esquivel, Former Deputy Governor, Central Bank of Mexico

    Andrea Brandolini, Deputy Director General for Economics, Statistics and Research, Central Bank of Italy

    6:00 pm – 9:00 pm

    (KSA)

    10:00 am –13:00 pm

    (Washington, D.C.)

    3:00 pm – 6:00 pm

    (London)

    Welcome Dinner and Social Event

     

    DAY 2:  February 1, 10:00 am – 5:15 pm (KSA), 2:00 am – 9:15 am (Washington, D.C.)

     TIME

    DESCRIPTION

     

     10:00 am - 11:15 am

     (KSA)

     2:00 am - 3:15 am

     (Washington, D.C.)
    7:00 am – 8:15 am

     (London)  

    Session 3. Macroeconomic Management in Open Economies
    Session Moderator
    : Bassem Kamar, Chief Economist, Central Bank of UAE

     

     

     

     

     

     

     

    Paper 1: The Workings of Liquidity Lines Between Central Banks
    Speaker: Saleem Bahaj
    Co-author: Ricardo Reis

     Paper 2: Optimal Policy under Dollar Pricing
     Speaker: Dmitry Mukhin
    Co-author: Konstantin Egorov
     
     Paper 3: Sovereign Debt Sustainability and Central Bank Credibility
    Speaker: Tim Willems
    Co-author: Jeromin Zettelmeyer

     11:15 am – 11:30 am

     (KSA)

     3:15 am – 3:30 am

     (Washington, D.C)

     8:15 am – 8:30 am

     (London)

     Coffee Break

     11:30 am - 12:55 pm

     (KSA)

     3:30 am – 4:55 am

     (Washington, D.C.)

     8:30 am – 9:55 am

     (London)

     

    Session 4. Domestic and External Drivers of Inflation in MENA II

     

     Session Moderator: Nadir Mohammed, Regional Director, MNA-World Bank

     

      Paper 1: The Distributional Impact of a Large-Scale Devaluation: The Case of Egypt in

      2016
     Speaker: Shireen Alazzawi
     Co-author: Vladimir Hlasny

      Paper 2: Long-Term Transmission of Exchange Rate Variations to Prices in Morocco
     Speaker: Aya Achour
     Co-author: Chafik Omar
                      
       Paper 3: Inflation Dynamics and Determinants in Algeria: An Empirical Investigation
      Speaker: Imène Laourari
      Co-author: Mustapha Abderrahim

       Paper 4: Inflation Dynamics in GCC
      Speaker: Charlotte Sandoz

      Co-authors: Abolfazl Rezghi, Fozan Fareed

     12:55 pm -2:00 pm

    (KSA)

      4:55 am - 6:00 am
    (Washington, D.C.)

    9:55 am – 11:00 am
    (London)

       Lunch Break

    2:00 pm – 3:15 pm

    (KSA)

    6:00 am - 7:15 am
    (Washington, D.C.)

    11:00 am – 12:15 pm
    (London)

       Session 5. The Role of Supply Chains

     

       Session Moderator: Abdessamad Saidi, Director of Research, Central Bank of Morocco


       Paper 1: Inflation Expectations and the Supply Chain

       Speaker: Francesco Grigoli
       Co-authors: Emiliano Luttini, Elías Albagli

     

       Paper 2: Natural Resource Dependence and Monopolized Imports
      Speaker: Tristan Reed
      Co-authors: Rabah Arezki, Ana Fernandes, Federico Merchán, Ha Nguyen

       Paper 3: Global Value Chain Participation and Real Effective Exchange Rates: Insights
       from Tunisia
      Speakers: Insaf Guedidi
      Co-author: Leila Baghdadi

    3:15 pm – 4:00 pm

    (KSA)

    7:15 am – 8:00 am

    (Washington, D.C)

    12:15 pm – 1:00 pm

    (London)

       Coffee Break

    4:00 pm - 5:00 pm

    (KSA)

    8:00 am - 9:00 am
    (Washington, D.C.)
    1:00 pm – 2:00 pm
    (London)

      Global Economic Prospects: Outlook and Reflections by Indermit Gill and

      Raghuram Rajan

       Moderator: Roberta Gatti, RRN Chair and Chief Economist, MNA-World Bank

       Speakers:

       Indermit Gill, Senior Vice President and Chief Economist, World Bank

       Raghuram G. Rajan, Professor of Finance, University of Chicago, Booth School of
       Business, and Former Central Bank Governor, India

    5:00 pm 5: 15 pm

    (KSA)

    9:00 am – 9:15 am

    (Washington, D.C.)

    2:00 pm – 2:15 pm

    (London)

       Concluding Remarks

       Salah Alsayaary, RRN Steering Committee Member, Director of Economic Research  

       and Reports Department at the Bank of the Kingdom of Saudi Arabia

       Roberta Gatti, Chair, RRN Steering Committee and Chief Economist, MNA-World Bank

    Speaker Bios

    PowerPoint Presentations

  • The 1st Annual Central Bank Conference on Development Economics in the Middle East and North Africa titled "Macroeconomic Policy: Innovation and Challenges during Uncertain Times” was held online. It featured opening remarks by Roberta Gatti (World Bank Chief Economist for MENA); a keynote speech by Carmen Reinhart (Vice President and Chief Economist of the World Bank Group); a session on Central Bank Digital Currency (CBDC) comprising John Kiff (formerly of the IMF and the Central Bank of Canada), Maria Soledad Martinez Peria (IMF); and a concluding panel of MENA Central Bank Governors moderated by Ferid Belhaj (World Bank Vice President for MENA).

    Date: Dec. 1- 2, 2021

    Hosted by: Central Bank of Tunisia

    For any questions, please feel free to reach out to acbcdb@worldbank.org.

    Background

    Central banks have been at the forefront of the COVID-19 crisis to mitigate their effects through accommodative monetary policy responses in environments characterized by constrained fiscal policy and high public debt in the MENA region. This new environment opens numerous questions on how to design monetary policy under uncertainty. Indeed, the growing risk of economic disruptions, both in the region and further afield, underlines the need to devise effective monetary policies to enable MENA countries to prepare for, withstand and recover from disasters. Furthermore, developments in fintech, blockchain, and digital currencies are offering both opportunities and challenges to central banks. By profoundly changing the world we live in, these innovations are forcing institutions like central banks to anticipate how high-tech financial solutions could enhance efficiency and outputs across a range of industries.

    The 1st Annual Central Bank Conference on Development Economics in the Middle East and North Africa was organized by the Regional Research Network of Central Banks in the MENA region and the World Bank Office of the MENA Chief Economist. It was hosted by Central Bank of Tunisia.

    The conference was held online via the Zoom platform. It included also a keynote speech by Carmen Reinhart (Vice President and Chief Economist of the World Bank Group); a session on Central Bank Digital Currency (CBDC) comprising John Kiff (formerly of the IMF and the Central Bank of Canada), Maria Soledad Martinez Peria (IMF); and a concluding panel of MENA Central Bank Governors moderated by Ferid Belhaj (World Bank Vice President for MENA).

    The conference had three pairs of parallel sessions during with a total of 18 research papers presented, grouped by the following session themes: Macro Modelling in the COVID Era; Finance and Macroeconomics; Crisis Impact on the Banking Sector; Macroeconomics of Calamities; Managing Business Cycles; and Financial Risks in MENA and Policy Implications from Banking Sector. The latter parallel session included a presentation by Leora Klapper on the Financial Risks Facing MENA Region in light of the forthcoming World Development Report of the World Bank.

    Call for papers

    The RRN of Central Bank Research Departments of MENA asked for submissions of research papers to be presented at the 1st Annual Conference on Development Economics in MENA in 2021.

    The Conference Scientific Committee sought economic research papers on but not limited to the following topics:

    • Conducting monetary policy in high debt environments. 
    • Supporting growth and recovery in times of COVID-19. 
    • The future of finance and implications of digital currencies.

    While the Scientific Committee is looking for state-of-the-art research papers, the policy implications of the research conducted and analyses of policy responses in the above-mentioned themes are particularly appreciated.

    The deadline for submitting a complete paper was on October 22nd, 2021.

    The authors of accepted papers were notified by November 10th, 2021. Only authors of accepted papers were notified.

    MULTIMEDIA

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    Keynote speech by Carmen Reinhart - Senior Vice President and Chief Economist, World Bank

Details

  • Organized by: Regional Research Network (RRN) of Central Banks in the MENA region and the World Bank MENA Chief Economist Office