Monetary Policy In Sub Saharan Africa
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Monetary Policy In Sub Saharan Africa
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Author : Andrew Berg
language : en
Publisher: Oxford University Press
Release Date : 2018-04-27
Monetary Policy In Sub Saharan Africa written by Andrew Berg and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-27 with Business & Economics categories.
Low-income countries in sub-Saharan Africa present unique monetary policy challenges, from the high share of volatile food in consumption to underdeveloped financial markets; however most academic and policy work on monetary policy is aimed at much richer countries. Can economic models and methods invented for rich countries even be adapted and applied here? How does and should monetary policy work in sub-Saharan African? Monetary Policy in Sub-Saharan Africa answers these questions and provides practical tools and policy guidance to respond to the complex challenges of this region. Most countries in sub-Saharan Africa have made great progress in stabilizing inflation over the past two decades. As they have achieved a degree of basic macroeconomic stability, policymakers are looking to avoid policy misalignments and respond appropriately to shocks in order to achieve stability and growth. Officially, they often have adopted "money targeting" frameworks, a regime that has long disappeared from almost all advanced and even emerging-market discussions. In practice, though, they are in many cases finding current regimes lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. Monetary Policy in Sub-Saharan Africa takes a new approach by applying dynamic general equilibrium models suitably adapted to reflect key features of low-income countries for the analysis of monetary policy in sub-Saharan African countries. Using a progressive approach derived from the International Monetary Fund's extensive practice and research, Monetary Policy in Sub-Saharan Africa seeks to address what we know about the empirics of monetary transmission in low-income countries, how monetary policy can work in countries characterized by underdeveloped financial markets and opaque policy regimes, and how we can use empirical and theoretical methods largely derived in advanced countries to answer these questions. It then uses these key topics to guide policymakers as they attempt to adjust food price, terms of trade, aid shocks, and the effects of the global financial crisis.
Measuring Financial Development In Sub Saharan Africa
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Author : Mr.Enrique Gelbard
language : en
Publisher: International Monetary Fund
Release Date : 1999-08-01
Measuring Financial Development In Sub Saharan Africa written by Mr.Enrique Gelbard and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-08-01 with Business & Economics categories.
This study introduces an index for measuring financial development and a set of six indices representing key characteristics of the financial systems in 38 sub-Saharan African countries. The results show that these countries have made good progress in improving and modernizing their financial systems during the last decade, particularly with regard to financial liberalization and the adoption of indirect instruments of monetary policy. In many countries, however, the range of financial products remains extremely limited, interest rate spreads are wide, capital adequacy ratios are insufficient, judicial loan recovery is a problem, and the share of nonperforming loans is large.
Financial Development In Sub Saharan Africa
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Author : Mr.Montfort Mlachila
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-14
Financial Development In Sub Saharan Africa written by Mr.Montfort Mlachila and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-14 with Business & Economics categories.
This paper discusses how sub-Saharan Africa’s financial sector developed in the past few decades, compared with other regions. Sub-Saharan African countries have made substantial progress in financial development over the past decade, but there is still considerable scope for further development, especially compared with other regions. Indeed, until a decade or so ago, the level of financial development in a large number of sub-Saharan African countries had actually regressed relative to the early 1980s. With the exception of the region’s middle-income countries, both financial market depth and institutional development are lower than in other developing regions. The region has led the world in innovative financial services based on mobile telephony, but there remains scope to increase financial inclusion further. The development of mobile telephone-based systems has helped to incorporate a large share of the population into the financial system, especially in East Africa. Pan-African banks have been a driver for homegrown financial development, but they also bring a number of challenges.
Covid 19 And The Response Of Central Banks
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Author : Salewa Olawoye
language : en
Publisher: Edward Elgar Publishing
Release Date : 2023-01-20
Covid 19 And The Response Of Central Banks written by Salewa Olawoye and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-20 with Business & Economics categories.
COVID-19 and the Response of Central Banks analyses the reactions of central banks to the COVID-19 crisis in Sub-Saharan Africa. It focuses on how the pandemic has affected the economic performance of Sub-Saharan African countries, many of which were already struggling with growth and sustainability. The first part of the book covers countries within monetary unions such as Cameroon, Congo, Senegal, and Cote d'Ivoire. In the second half, countries with their own independent central banks, The Democratic Republic of Congo, Nigeria, Ghana, and Sierra Leone, are discussed. Chapters highlights the differences between Monetary Union membership and independent Central Banks in policymaking during health crises and explore the role of central banking in minimizing the deleterious effects.
Sub Saharan Africa
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Author : Ms.Catherine A. Pattillo
language : en
Publisher: International Monetary Fund
Release Date : 2006-08-28
Sub Saharan Africa written by Ms.Catherine A. Pattillo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-08-28 with Business & Economics categories.
Financial sectors in low-income sub-Saharan Africa (SSA) are among the world's least developed. In fact, assets in most low-income African countries are smaller than those held by a single medium-sized bank in an industrial country. The absence of deep, efficient financial markets seriously challenges policy making, hinders poverty alleviation, and constrains growth. This book argues that building efficient and sound financial sectors in SSA countries will improve Africa's economic prospects. Based on a review of the key features of financial systems, it discusses the main obstacles and challenges that financial structures pose for SSA economies and recommends steps that could address major shortcomings in implementing the reform agenda.
Should African Monetary Unions Be Expanded An Empirical Investigation Of The Scope For Monetary Integration In Sub Saharan Africa
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Author : Mr.Xavier Debrun
language : en
Publisher: International Monetary Fund
Release Date : 2010-07-01
Should African Monetary Unions Be Expanded An Empirical Investigation Of The Scope For Monetary Integration In Sub Saharan Africa written by Mr.Xavier Debrun and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-01 with Business & Economics categories.
This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities. The model is calibrated using African data. Simulations indicate that the proposed EAC, ECOWAS, and SADC monetary unions bring about net benefits to some potential members, but modest net gains and sometimes net losses for others. Strengthening domestic macroeconomic frameworks is shown to provide some of the same improvements as monetary integration, reducing the latter’s relative attractiveness.
Global Supply Chain Disruptions Challenges For Inflation And Monetary Policy In Sub Saharan Africa
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Author : Zo Andriantomanga
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-24
Global Supply Chain Disruptions Challenges For Inflation And Monetary Policy In Sub Saharan Africa written by Zo Andriantomanga and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-24 with Business & Economics categories.
The Covid-19 pandemic has led to a large disruption of global supply chains. This paper studies the implications of supply chain disruptions for inflation and monetary policy in sub-Saharan Africa. Increases in supply chain pressures have had a sizeable impact on headline, food, and tradable inflation for a panel of 29 sub-Saharan African countries from 2000 to 2022. Our findings suggest that central banks can stabilize inflation and output more efficiently by monitoring global supply chains and adjusting the monetary policy stance before the disruptions have fully passed through into all inflation components. The gains from monitoring supply chain disruptions are particularly large for open economies which tend to experience outsized second-round effects on the prices of non-tradable goods and services.
On The Drivers Of Inflation In Sub Saharan Africa
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Author : Anh D. M. Nguyen
language : en
Publisher: International Monetary Fund
Release Date : 2015-08-05
On The Drivers Of Inflation In Sub Saharan Africa written by Anh D. M. Nguyen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-05 with Business & Economics categories.
The perception that inflation dynamics in Sub-Saharan Africa (SSA) are driven by supply shocks implies a limited role for monetary policy in influencing inflation in the short run. SSA’s rapid growth, its integration with the global economy, changes in the policy frameworks, among others, in the last decade suggest that the drivers of inflation may have changed. We quantitatively analyze inflation dynamics in SSA using a Global VAR model, which incorporates trade and financial linkages among economies, as well as the role of regional and global demand and inflationary spillovers. We find that in the past 25 years, the main drivers of inflation have been domestic supply shocks and shocks to exchange rate and monetary variables; but that, in recent years, the contribution of these shocks to inflation has fallen. Domestic demand pressures as well as global shocks, and particularly shocks to output, however, have played a larger role in driving inflation over the last decade. We also show that country characteristics matter—the extent of oil and food imports, vulnerability to weather shocks, economic importance of agriculture, trade openness and policy regime, among others, help in explaining the role of shocks.
Financial Sector Development In Sub Saharan African Countries
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Author : Mr.Peter C. Hayward
language : en
Publisher: International Monetary Fund
Release Date : 1998-10-01
Financial Sector Development In Sub Saharan African Countries written by Mr.Peter C. Hayward and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-10-01 with Business & Economics categories.
This study takes stock of progress made so far in the financial sectors of sub-saharan African countries. It recommends further reforms and specific measures in the areas of supervision, development of monetary operations and financial markets, external sector liberalization, central bank autonomy and accountability, payments system, and central bank accounting and auditing.
Public Policies And Private Savings And Investment In Sub Saharan Africa
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Author : Mr.Dhaneshwar Ghura
language : en
Publisher: International Monetary Fund
Release Date : 1995-02-01
Public Policies And Private Savings And Investment In Sub Saharan Africa written by Mr.Dhaneshwar Ghura and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-02-01 with Business & Economics categories.
This paper assesses empirically the role of public policies in stimulating private savings and investment in sub-Saharan African countries, based on data for the period 1986-92. The main findings of the analysis are as follows: (i) policies effective in stimulating private savings and investment include those that keep the rate of inflation low, reduce macroeconomic uncertainty, promote financial deepening, and lower the external debt burden; (ii) measures that promote structural reforms and reduce the budget deficit (without lowering government investment) help to raise private investment; and (iii) declines in government savings are only partially offset by increases in private savings.