Resilience and Growth Through Sustained Adjustment: The Moroccan Experience
Saleh M. Nsouli, International Monetary Fund, Jörg Decressin, Sena Eken, Klaus-Stefan Enders, Filippo Cartiglia, Van Can Thai, International Monetary Fund Staff
International Monetary Fund, 1995 - Business & Economics - 147 pages
This paper reviews and analyzes how Morocco overcame the economic and financial crisis it confronted at the beginning of the 1980s. It highlights the challenges that still confront the Moroccan economy and the lessons that can be drawn from Morocco's adjustment experience.
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V1 Liberalization of the Economy 30
V11 Move to Convertibility 37
Monetary and Credit Policy Measures Adopted by the Credit
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1MF staff estimates 1n millions 1n percent 20 percent A1-Maghrib abroad Account Transactions adjustment Agricultural Annual percent change arrears average balance of payments Bank Al-Maghrib billion BNDE broad money budget budgetary Casablanca central Government commercial banks controls credit policy current account debt relief declined domestic credit equations exchange rate exemptions export fiscal deficit foreign assets foreign exchange free free free free rate free gross growth implementation improve resource allocation incentives income tax increased inflation interest rates investment codes lending rates liberalization Maghrib Maize ment millions of Moroccan monetary policy money market Moroccan authorities Moroccan dirhams Moroccan economy Morocco nonfactor services nonresidents Overall Paris Club percent in 1993 percent of GDP percent of total percentage points phosphate Prel public enterprises rate free rate ratio reduced reserve ratio reserves share Source subsidies sugar Table tariffs tax system tion transfers treasury bills value-added tax wage
Page 19 - Schwede and CW Bailey for their efficient assistance in the preparation of this paper. The authors wish to express their appreciation to the oil companies who provided data for this study and released the examples used to illustrate this paper. REFERENCES 1. Archie, GE: "The Electrical Resistivity Log as an Aid in Determining Some Reservoir Characteristics," Trans., AIME (1942), 146, 54.
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