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This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to which commercial bank holdings of excess liquidity...
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The compensation hypothesis predicts a positive causation from international economic openness to the size of the public sector, as governments step in to perform a risk mitigating role to counterbalance the increasing exposure to external risk and the economic dislocations caused by growing...
Persistent link: https://www.econbiz.de/10010670287
investigation into the level and stability of money demand (M1) for Australia and New Zealand over the 1960-2009 period and … demonstrates that both countries experienced regime shifts; Australia also experienced an intercept shift. Application of four time …
Persistent link: https://www.econbiz.de/10008765926
investigation into the level and stability of money demand (M1) for Australia and New Zealand over the 1960-2009 period and … demonstrates that both countries experienced regime shifts; Australia also experienced an intercept shift. Application of four time …
Persistent link: https://www.econbiz.de/10008871259
/manufacturing production index, consumer price index, real effective exchange rates, lending rates and stock price index in Australia and New … Zealand within the framework of hidden cointegration technique and crouching error correction model (CECM) of Granger and Yoon … increase in consumer price indices in Australia and negative changes in crude oil prices found to be responsible for the long …
Persistent link: https://www.econbiz.de/10011118415
Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their...
Persistent link: https://www.econbiz.de/10010878415