This paper presents a classification of the monetary policy frameworks (MPFs) of 19 MENA countries from 1974 to 2017. It identifies the key trends in the region and contrasts them with the trends among three other groups: advanced countries, emerging countries and Latin American countries. It considers likely reasons for the MPF choices of MENA governments and notes the economic performance associated in the region and elsewhere with different MPFs. It examines how these MPF choices relate to trends in central bank independence and transparency, and in democracy and governance. Finally, it brings these elements together in an argument that a move to democracy in the MENA countries could open the way to monetary policy frameworks that would offer improved economic performance.

中文翻译：

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中东和北非的货币政策框架：与其他群体相比如何？

本文介绍了 1974 年至 2017 年 19 个中东和北非国家货币政策框架 (MPF) 的分类。它确定了该地区的主要趋势，并将其与其他三个群体的趋势进行对比：发达国家、新兴国家和拉丁美洲国家. 它考虑了中东和北非政府选择强积金的可能原因，并指出了该地区和其他地方与不同强积金相关的经济表现。它研究了这些强积金选择如何与中央银行独立性和透明度以及民主和治理的趋势相关联。最后，它将这些要素结合在一起，论证了中东和北非国家走向民主可以为货币政策框架开辟道路，从而改善经济表现。