Monetary policy in Sub-Saharan Africa /
| Corporate Author: | |
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| Other Authors: | , |
| Format: | eBook |
| Language: | English |
| Published: |
Oxford :
Oxford University Press,
2018.
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| Edition: | 1st ed. |
| Series: | Africa, policies for prosperity.
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| Subjects: | |
| Online Access: | Connect to the full text of this electronic book |
Table of 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
- 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
- 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