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Monetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to anchor inflation expectations. This paper argues in favor of a new formal monetary policy framework for Yemen emphasizing a proactive and rule-based approach with a greater direct focus on price stability in the context of a flexible management of the exchange rate. Although, as in many developing countries, institutional capacity is a concern, adopting a more formal framework could impel the kind of changes that are required to strengthen the ability of the CBY in achieving low and stable rates of inflation over the medium term.

Anti-inflationary policies -- Yemen (Republic). --- Monetary policy -- Yemen (Republic). --- Monetary policy. --- Finance --- Business & Economics --- Money --- Monetary policy --- Anti-inflationary policies --- Antiinflationary policies --- Inflation (Finance) --- Monetary management --- Government policy --- Economic policy --- Price regulation --- Currency boards --- Money supply --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Price Level --- Deflation --- Monetary Policy --- Macroeconomics --- Currency --- Foreign exchange --- Monetary economics --- Monetary policy frameworks --- Exchange rates --- Exchange rate flexibility --- Exchange rate pass-through --- Prices --- Yemen, Republic of

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This Selected Issues paper discusses the options for financing the government fiscal deficit in Saudi Arabia. The Saudi government is working to develop a comprehensive strategy to meet its budget financing needs. Although external borrowing could alleviate pressure on the domestic market, it will also create new risks. Reliance on foreign investors may help further enhance transparency. Foreign investors’ demand for diversification could also allow the Saudi government to enjoy attractive yields. Broadening the investor base and ensuring that the government’s debt issuance supports the development of the private debt market could help alleviate some of the negative economic and financial effects of higher government debt.

Industrial productivity --- Economic development --- Labor market --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Employees --- Market, Labor --- Supply and demand for labor --- Markets --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Supply and demand --- Banks and Banking --- Financial Risk Management --- Investments: Bonds --- Macroeconomics --- Public Finance --- Investments: General --- Debt --- Debt Management --- Sovereign Debt --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- General Financial Markets: General (includes Measurement and Data) --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Energy: Demand and Supply --- Prices --- Public finance & taxation --- Investment & securities --- Labour --- income economics --- Government debt management --- Sovereign bonds --- Oil prices --- Public investment and public-private partnerships (PPP) --- Public financial management (PFM) --- Economic sectors --- Financial institutions --- Debt management --- Asset and liability management --- Debts, Public --- Bonds --- Public-private sector cooperation --- Saudi Arabia --- Income economics