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Elham Mafi-Kreft - Indiana University, Kelley School of Business. Bloomington, IN, US

Elham Mafi-Kreft Elham Mafi-Kreft

Clinical Associate Professor of Business Economics | Indiana University, Kelley School of Business

Bloomington, IN, UNITED STATES

Elham Mafi-Kreft is an expert in the areas of international financial institutions, monetary policy and the European Monetary Union.





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Elham Mafi-Kreft is an Clinical Associate Professor of Business Economics. She is an expert in the areas of international financial institutions, monetary policy and the European Monetary Union.

Industry Expertise (3)

Financial Services



Areas of Expertise (3)

European Monetary Union

International Financial Institutions

Monetary Policy

Education (3)

West Virginia University: Ph.D. 2003

West Virginia University: M.A. 2002

West Virginia University: B.S. 1999

Articles (6)

International Outlook for 2011

Indiana Business Review

2010 The world economy is slowing again and is expected to grow at 4.2% in 2011. There are no doubts that the advanced economies are facing the greatest economic challenge since the Great Depression. Mounting tensions between the advanced economies and the emerging economies (particularly China) are further complicating things, as the pace of recovery is very uneven (2.2% for the developing countries and 7% for the emerging countries). The sluggish growth in the advanced economies comes from two sources: weak consumption and weak investment.

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International Outlook for 2009

Indiana Business Review

2009 After four years of strong growth, the world economy is falling into a major downturn and is forecasted to grow at only 2.2% in 2009. This growth rate is at its lowest level since 2002 as concerns have intensified that the rich countries will face their deepest recession since the 1930s. Economies in Western Europe face many simultaneous adverse shocks. Since the end of the summer, the European news has become more depressing with each passing month. High growth countries like the United Kingdom, Ireland, and Spain have seen investments collapse and unemployment rates soar. Japanese economic growth has been quite fragile in the last six years.

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The International Economy

Indiana Business Review

2007 The economic growth around the world looks to remain strong in 2008 despite the "financial turmoil" that people have been experiencing in the US and, to some extent, in Europe since this summer. The International Monetary Fund (IMF) anticipates world economic growth to reach 4.8% in 2008, continuing a remarkable six consecutive years of strong growth for all countries around the world. After five consecutive quarters of vigorous growth, the economic performance in the Euro area is projected at 2.5% for 2007 and an even lower 2.1% for 2008. The European Union growth is predicted to be 3% in 2007 and 2.5% in 2008.

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Does a Less Active Central Bank Lead to Greater Economic Stability? Evidence from the European Monetary Union*

The Cato Journal

2006 Substantial disagreement exists among economists about the degree to which central banks should pursue discretionary stabilization policy. Activists believe that central banks can promote greater macroeconomic stability through the use of discretionary policy, while nonactivists (such as the monetarists) do not. In particular, monetarists believe that lags and timing problems will result in even the best-intentioned discretionary policy actually resulting in less (rather than more) macroeconomic stability. The formation of the European Monetary Union provides a unique opportunity to test whether a shift to a less active central bank has resulted in more or less macroeconomic stability for these countries.

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Importing credible monetary policy: A way for transition economies to fight inflation?

Economics Letters

2006 In the 1990s, transition economies were rearranging their monetary regimes. This paper compares the chosen regimes based on the level of discretionary power and the ability to control inflation. Results show that non-discretionary regimes produce lower and more stable inflation.

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The Relationship Between Currency Competition and Inflation


2003 In 1960, Nobel laureate M. Friedman published A Program for Monetary Stability in which he investigated the reasons why governments should regulate monetary and banking arrangements.

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