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Monetary policy in Sub-Saharan Africa

Author: Andrew Berg; Rafael Portillo
Publisher: Oxford : Oxford University Press, 2018.
Series: Africa, policies for prosperity.
Edition/Format:   eBook : Document : English : 1st edView all editions and formats
Summary:
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. This book draws on the International Monetary Fund's research and practice to uncover how monetary policy in this region currently operates, and what changes should be made.
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Genre/Form: Electronic books
Additional Physical Format: Print version:
(OCoLC)1005107363
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Andrew Berg; Rafael Portillo
ISBN: 9780191088827 019108882X 9780191827624 0191827622
OCLC Number: 1029318904
Description: 1 online resource
Contents: Cover; Monetary Policy in Sub-Saharan Africa; Copyright; Dedication; Foreword; Series Preface; POLICIES FOR PROSPERITY; Preface; Contents; List of Illustrations; List of Tables; List of Contributors; EDITORS; AUTHORS; 1: Monetary Policy in Sub-Saharan Africa; 1 INTRODUCTION; 2 A BRIEF HISTORY OF MONETARY POLICY IN SSA; 2.1 From Independence to the 1980s: The Breakdown of Overly Ambitious Monetary Policy Regimes; 2.2 1990s: Fiscal-Based Stabilization Efforts; 3 CHALLENGES FOR MONETARY POLICY IN SSA; 3.1 The Monetary Transmission Mechanism; 3.2 Supply Shocks and Macroeconomic Volatility. 3.3 Fiscal Policy as a Source of Volatilityand Pressures on Monetary Policy3.4 Management of External Revenues and the Coordination of Fiscal Policy and Central Bank Operations; 4 THE CURRENT MONETARY POLICY LANDSCAPE IN COUNTRIES WITH SOME EXCHANGE RATE FLEXIBILITY; 4.1 Legal Frameworks and Operational Independence; 4.2 Price Stability, the Medium-Term Inflation Target, and the Pursuit of Other Objectives; 4.3 Operational Frameworks in SSA CBs; 4.4 Forward-Looking Strategy and Communications; 5 MODERNIZING MONETARY POLICY IN SUB-SAHARAN AFRICA; 5.1 Responding to supply shocks. 5.2 The Role of the Exchange Rate6 HARD PEGS AND CURRENCY UNIONS IN SSA; 7 A MODELLING STRATEGY FOR ANALYSING MONETARY POLICY ISSUES IN SSA; 8 CONCLUSION; REFERENCES; 2: Inflation Targeting in Uganda: What Lessons Can We Learn from Five Years of Experience?; 1 INTRODUCTION; 2 MOTIVES FOR THE INTRODUCTION, AND SALIENT FEATURES, OF IT IN UGANDA; 3 THE SEPARATION OF FISCAL AND MONETARY POLICY AND THE ISSUE OF FISCAL DOMINANCE; 4 FORMULATING MONETARY POLICY; 5 IMPLEMENTING MONETARY POLICY; 5.1 Challenges for the Implementation of Monetary Policy; 6 EXCHANGE RATE POLICY AND MONETARY POLICY. 7 COMMUNICATIONS8 HOW EFFECTIVE HAS MONETARY POLICY BEEN IN THE IT FRAMEWORK?; 8.1 How Strong is the Interest Rate Transmission Mechanism?; 8.2 Do Changes in Market Rates Affect Macroeconomic Variables?; 8.3 Inflation Outcomes under the IT Framework; 9 CONCLUSIONS; REFERENCES; Part I: Empirical Evidence; 3: Introduction to Part I; REFERENCES; 4: Economic Fluctuations in Sub-Saharan Africa; 1 INTRODUCTION; 2 DATA; 3 AN OVERVIEW OF SSA ECONOMIES; 3.1 Income and Growth; 3.2 The Structure of SSA Economies: the Supply Side; 3.3 The Structure of SSA Economies: the Demand Side. 3.4 Financial Sector Development3.5 The Balance of Payments, Capital Account Openness, and External Shocks; 4 ASSESSING THE STYLIZED FACTS OF ECONOMIC FLUCTUATIONS: METHODOLOGICAL ISSUES; 5 BUSINESS CYCLE DYNAMICS; 5.1 Output Volatility; 5.2 Volatility and Cyclicality of GDP Components; 5.3 Comovement Across GDP Components; 5.4 Inflation and its Relation with Output Fluctuations; 5.5 Is Volatility Related to Growth and Inflation Performances?; 6 DISCUSSION; 6.1 Which Shocks are Likely to be the Main Drivers of Economic Fluctuations in SSA?; 7 CONCLUSION.
Series Title: Africa, policies for prosperity.
Responsibility: edited by Andrew Berg and Rafael Portillo.

Abstract:

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. This book draws on the  Read more...

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