UID:
edoccha_9958082999302883
Format:
1 online resource (55 p.)
ISBN:
1-4843-5036-7
,
1-4843-5112-6
,
1-4755-2327-0
Series Statement:
IMF Working Papers
Content:
Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels of monetary transmission in such countries. Here we take a narrative approach, following Romer and Romer (1989), and center on a significant tightening of monetary policy that took place in 2011 in four members of the East African Community: Kenya, Uganda, Tanzania and Rwanda. We find clear evidence of the transmission mechanism in most of the countries, and argue that deviations can be explained by differences in the policy regime in place.
Note:
"September 2013."
,
Cover; Contents; I. Introduction; II. The Stylized Facts; A. Structure of the Economy and the Financial Sector; Tables; Table 1. EAC4 - Selected Economic Indicators, 2011; Table 2. Economic Structure Indicators, 2011; Figures; Figure 1. EAC4 - Financial Depth Indicators; Table 3. Selected Financial Sector Indicators, 2011; B. Prices; C. Policy Regimes; Figure 2. EAC4 - Inflation (YoY, Percent); Table 4. EAC4 - Summary of Policy Regimes; Figure 3. EAC4 - Interbank Rates (Percent); Figure 4. Uganda - Selected Interest Rates (Percent)
,
Box 1. EAC4 - Exchange Rate Arrangements and the Capital AccountTable 5. EAC4 - Monetary Policy Mandates and Instruments; Box 2. EAC4 - Monetary Policy Frameworks; III. The Event Study; A. The Run Up; Figure 5. World Commodity Prices (Index, Jan=100); Figure 6. EAC4 - Selected Economic Indicators (Part I); Figure 7. Kenya - Selected Interest Rates (Percent); Figure 8. Tanzania - Real Money Growth and Short-Term Interest Rates,; B. The Event; Figure 9. Rwanda - Real Money Growth and Short-Term Interest Rates; Box 3. An Overview of the Transmission Mechanisms of Monetary Policy
,
Figure 10. A Basic Diagram of the Monetary Transmission MechanismIV. The Outcome; Figure 11. EAC4 - Selected Economic Indicators (Part II); Figure 12. EAC4 - Money Market Interest Rates (Percent); Figure 13. EAC4 - Banking Interest Rates (Percent); Figure 14. EAC4 - Real Interest Rates and the Output Gap (Percent); Figure 15. EAC4 - Real Import Growth (YoY, Percent); Figure 16. EAC4 - Non-Food Inflation and the Output Gap (Percent); Figure 17. EAC4 - Interest Rates (Percent) and Exchange Rates; Figure 18. EAC4 - Headline Inflation and Exchange Rate Change (YoY, Percent)
,
Figure 19. EAC4 - Interest Rates and Credit Growth (Percent)Table 6. EAC4 - Monetary Policy Transmission Channels; V. On The Role of Global Risk Appetite and Supply Shocks; Figure 20. EAC4 - Excess Reserves (Percent of Required Reserves); Figure 21. Emerging and Frontier Markets Exchange Rates, (Index); Figure 22. VIX (Index) and EAC4 Exchange Rates; VI. Conclusion; Figure 23. EAC4 - Headline and Core Inflation (YoY, Percent); References
,
English
Additional Edition:
ISBN 1-4843-9813-0
Additional Edition:
ISBN 1-306-04566-5
Language:
English
Bookmarklink
