مجلة البشائر الاقتصادية
Volume 12, Numéro 1, Pages 485-501
2026-06-05
Impact Of Monetary Expansion On Inflation -the Moderrating Role Of Central Bank Credibility- A Case Study On A Sample Of Countries In The Middle East And North Nafrica Region
Authors : Talhaoui Fatima Zohra . Talhaoui Oumhani .
Abstract
This study examines the impact of monetary expansion on inflation and evaluates the moderating role of central bank credibility in shaping this relationship. Using a quantitative econometric approach, the analysis demonstrates that monetary expansion has a strong and statistically significant positive effect on inflation, confirming its central role in driving price level changes. The results also reveal that central bank credibility significantly moderates this relationship, with higher credibility reducing the inflationary impact of monetary expansion by anchoring expectations and enhancing confidence in monetary policy. The structural model explains more than half of the variation in inflation, highlighting the importance of both monetary conditions and institutional factors. These findings underscore the need for credible and transparent monetary institutions to ensure effective inflation control, particularly in contexts of rising money supply
Keywords
Monetary Expansion ; Inflation ; Central Bank ; Monetary Policy ; Moderation
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