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Wednesday, April 29, 2020 | History

2 edition of Credibility of monetary policy in Central Africa found in the catalog.

Credibility of monetary policy in Central Africa

Samuel Ngogang

Credibility of monetary policy in Central Africa

  • 116 Want to read
  • 23 Currently reading

Published by S. Ngogang in [Yaoundé, Cameroon?] .
Written in English

    Places:
  • Africa, Central.
    • Subjects:
    • Monetary policy -- Africa, Central.

    • Edition Notes

      Statementby Samuel Ngogang.
      ContributionsSéminaire atelier sur les problèmes et perspectives de l"UDEAC (1989 : Yaoundé, Cameroon)
      Classifications
      LC ClassificationsHG1359 .N48 1989
      The Physical Object
      Pagination28 leaves ;
      Number of Pages28
      ID Numbers
      Open LibraryOL771253M
      LC Control Number97170760

      Monetary policy after the crash Controlling interest. The third of our series of articles on the financial crisis looks at the unconventional methods central bankers have adopted to stimulate.


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Credibility of monetary policy in Central Africa by Samuel Ngogang Download PDF EPUB FB2

Credibility and Monetary Policy Bennett T. McCallum. NBER Working Paper No. (Also Reprint No. r) Issued in November NBER Program(s):Economic Fluctuations and Growth The purpose of this paper is to describe and evaluate the most important existing ideas concerning credibility of monetary policy, with special emphasis given to matters pertaining to the U.S.

economy and the. To do this, it first documents the factors that explain monetary policy credibility. Using the standard deviation of individual inflation forecasts as a measure of monetary policy credibility, its shows that the latter is negatively affected by the level of inflation itself, monetary policy uncertainty, and a measure of the unobserved stochastic volatility of by: 8.

Central bank credibility plays a pivotal role in much of the modern literature on monetary policy, yet it is difficult to measure or even assess objectively. A survey of central bankers was conducted to determine their attitudes on two important issues: why credibility matters, and how credibility.

Enhancing central-bank credibility to bolster the effectiveness of monetary policy is thus an urgent priority. by and about Africa - aggregating, producing and distributing news and. objectives of monetary policy.

Thus, when the monetary policy pursued by the central bank is credible, shock-induced fluctuations in inflation, interest rates, output, and employment should be less pronounced than in the absence of such credibility. • The adoption of inflation control as a monetary policy objective by some countries.

Credibility and Monetary Policy Bennett i7 McCallum Introduction According to my dictionaries, "credibility" is the property of being credi- ble, with the latter meaning roughly the same as believable. So with this definition, a policy lacks credibility if it is one that could not reasonably be believed.

few central bankers, and it has been fascinating to try to assess whether monetary policy really is different in Africa. What strikes one initially, in moving from a developed to an emerg-ing-market economy, is the remarkable similarity in the monetary policy process.

This, on reflection, perhaps ought not to be surprising. A passive monetary policy will lead to both price and exchange rate instability and to greater fluctuations in production and employment.

However, an active monetary policy does not imply attempting to fine-tune economic developments. We must be mindful of the uncertainty associated with economic developments and the effects of monetary policy.

empirical evidence for the determinants of both fiscal credibility and central bank credibility. Moreover, the study presents evidence for the influence of fiscal credibility on central bank credibility. The empirical analysis is based on different econometric techniques (OLS, GMM and TOBIT).

degree to which the public believes the central bank's promises to keep inflation low, even if doing so may impose short-run costs. The credibility of monetary policy The greater the credibility of monetary policy the ____ likely inflationary expectations are to be anchored and the _____ the recessions caused by adverse inflation shocks.

Let me begin by briefly taking stock of developments in central banking and monetary policy over the last 50 years, and then placing those developments in the Credibility of monetary policy in Central Africa book context. Traditionally, the primary objectives of monetary policy have been to maintain price and financial stability and to help achieve full employment.

central bank credibility as an efficiency factor of its monetary policy from the perspective of achieving its ultimate objective of price stability. These developments which derive some of their sources from theoretical analyzes of Credibility of monetary policy in Central Africa book policy in terms of credibility 2 could be the reason of good results in.

Financial integration in Africa: implications for monetary policy and financial stability Over the past five years, cross-border capital flows into Africa have been driven up both by easy global monetary conditions and the continent’s improved by own macroeconomic performance.

As banks in advanced economies shed assets and. Inflation is rarely a problem for the 15 in west and central Africa with currencies pegged to the euro. They have imported central-bank credibility from Europe.

Elsewhere, monetary policy was reformed in the s under the guidance of the IMF. Governments gave more independence to central banks. the present regime is credibility to maintain stable monetary policies. The ori-gin of credibility in monetary regimes goes back to the pre classical gold standard.

In that regime, adherence by central banks to the rule of convertibil - ity of national currencies in terms of a fixed weight of gold provided a nom-inal anchor to the price level.

While short-term predictability can be narrowly defined as the ability of the public to anticipate monetary policy decisions correctly over short horizons, the broader, ultimately more meaningful concept of longer-term predictability also encompasses the ability of the private sector to understand the monetary policy framework of a central bank, i.e.

its objectives and systematic behaviour in Cited by: framework of monetary policy. Section 3 assesses the view of the South African Reserve Bank (SARB) on monetary policy transmission. In Section 4, the transparency, credibility and predictability of monetary policy is examined. We construct quantitative indexes of transparency in and and consider whether the transparency of the SARB File Size: KB.

The theme of the fourth biennial policy conference of the South African Reserve Bank (the Bank) held in was “Monetary Policy and the Challenge of Economic Growth”. As was the case in the past, economists from the policy arena, private sector and academia stimulated a lively debate.

Credibility inevitably raises the question of Mr Draghi’s successor. The biggest challenge he or she will face may not be to ease or to normalise monetary policy, but to maintain trust in the Author: Frederik Ducrozet. Abstract. A central aspect of the monetary union, and whether Sweden should join it, concerns the possibilities to achieve an economic policy that is credible and capable of maintaining low is a common view that the European Central Bank (ECB) would be able to pursue a credible low-inflation policy of the type pursued by the such a case, membership in the monetary Author: Lars Calmfors, Harry Flam, Nils Gottfries, Janne Haaland Matlary, Magnus Jerneck, Rutger Lindahl, Ch.

History-dependent monetary policy. To illustrate the history dependence of a price level target, note that above can be rewritten as (9) π t = (ϕ ) (p tp t-1 ∗) + ϕ 1 u t + (ϕ 2 + π ∗). In comparison with the inflation path under inflation targeting given by, there is an additional argument representing the difference between the price level target and the realized price Cited by: eral, credibility of monetary policy will depend not just upon monetary policy alone but rather upon the perceived co-herence of the overall macroeconomic program, together with the intellectual and political consensus on the economic theory being used and the objectives and conduct of economic policy, all of which may be influenced by elements.

A transparent monetary policy is one in which the central bank clearly states its commitment to some goal—in this case achieving price stability—and how it intends to get there. Credibility is attained when the central bank's actions are consistent with reaching this goal.

For the Federal Reserve, the goal is a sustained, low inflation : Kevin L. Kliesen. The arguments regarding the monetary policy's credibility and the central banks' reputation were presented for the first time by Fellner (, ) and by Kydland and Prescott () - for the case of credibility - and, later, by Barro and Gordon (a, b) - for the case of reputation - when they analyzed economies presenting high and.

Accordingly, with the promising economic environment in Africa, we recommend the promotion of a monetary policy oriented toward improving economic growth under the constraint of price : Nguena Christian Lambert. The aim is to return to conventional monetary policy, where central banks determine only short-term rates, and withdraw from the use of balance sheet instruments.

But this will happen slowly. Monetary policy is the policy adopted by the monetary authority of a country that controls either the interest rate payable on very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency.

Unlike fiscal policy, which relies on taxation, government spending, and government borrowing, as tools for a. Tavlas () surveys the literature on possible monetary unions in Southern Africa, with emphasis on the advantages of importing South Africa's monetary policy credibility. Author: George S.

Tavlas. This book includes 21 case studies of technical assistance provided by the IMF's former Monetary and Financial Systems Department during These studies cover issues related to monetary policy and operations, financial markets, payment systems, and financial regulation and supervision, with an emphasis on both the substance of the issues and the modalities of technical support.

Central banks face credibility test The retreat from unconventional monetary policy was always going to be tricky October's Fed minutes will be scrutinised for signs around the argument to raise. The Design and Effects of Monetary Policy in Sub-Saharan African Countries Mohsin S.

Khan Abstract Since the s there have been a number of major changes in the design and conduct of monetary policy. In a globalized environment, there is less time to adjust to shocks and greater need to achieve closer convergence of economicCited by:   Monetary policy consists of the actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of.

reputation and credibility of central banks and their policies is based on the “rules rather than discretion” literature. The arguments regarding the monetary policy’s credibility and the central banks’ reputation were presented for the first time by fellner (, ) and by.

A monetary union shuts off this transmission channel of monetary policy, which in turn prevents a common central bank (CCB) from exploiting monetary policy to boost output in one country at the expense of the others. 12 The CCB therefore enjoys greater anti-inflationary credibility than a purely national institution.

In addition, the CCB can. In Africa: Understanding the CFA Franc and its Foreign Exchange Rate Impact By Frances Coppola It is perhaps not widely known that in Africa, there is a country currency union – one that is so closely related to the Eurozone that foreign exchange rate risk can be negligible on trade between those countries and the Eurozone.

The credibility theory predicts that reputable multinational banks enhance the credibility of institutions and policies of host nations, which is essential for the credibility of those nations’ monetary regimes. A credible monetary regime, in turn, confers a significant eἀect on the credit-worthiness of governments.

Get this from a library. Monetary policy and central banking in the Middle East and North Africa. [David P Cobham; Ghassan Dibeh;] -- This book examines monetary policy and central banking in the Middle East and North Africa (MENA) region. Individual chapters focus on the monetary frameworks of particular countries.

Other chapters. In the specific context of the countries of the Economic and Monetary Community of Central Africa (CEMAC), since its central bank, i.e. the Bank of Central African States, aims at monetary stability through Price ratio and an external currency coverage rate by Author: Antoine Ngakosso.

Monetary Policy and Heterogeneous Inflation Expectations in South Africa agents in an IT regime and determine the credibility of monetary policy.

Many studies have focused on the success of monetary policy in South Africa in curb-ing in⁄ation in the IT era. For example, Gupta, Kabundi, and Modise (), Kabundi.

Monetary Policy and the Economy in South Africa covers both modern theories and empirical analysis, linking monetary policy with relating house wealth, drivers of current account based on asset approach, expenditure switching and income absorption effects of monetary policy on trade balance, effects of inflation uncertainty on output growth and international spill : Hardcover.

Interactive e-book. To access Fiscal Policy and Redistribution in an Unequal Society: The Case of South Africa, as a free, interactive e-book that offers details on how each grant program impacts the rate of poverty in South Africa’s provinces, click here > then click on “free,” and log-in or sign-up to find the title in your library.

Credibility and Monetary Policy in a Liquidity Trap (Wonkish) Ma am Ma am Via Mark Thoma, Mankiw and Weinzierl have a paper (pdf) arguing that fiscal expansion shouldn’t be the tool of choice even at the zero lower bound; that monetary policy can still work if you can credibly make commitments about future.

The clear assignment of price stability as the overriding objective of the European Central Bank – specified by a quantitative definition – provides guidance to economic agents as to what can be expected from monetary policy.

Without doubt this enhances the credibility of monetary policy, contributing to the anchoring of medium and long.