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A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism; How Does the Central Bank's REPO Rate Affect the Economy?

Cheng, Kevin C. - International Monetary Fund (IMF) - 2006

This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate … main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a decline in prices … variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while …

Persistent link: https://www.econbiz.de/10005263733

Money Demand and Inflation in Madagascar

Nassar, Koffie Ben - International Monetary Fund (IMF) - 2005

This paper uses a two-sector model to estimate the relationship between prices, money, and the exchange rate in … monetary aggregates, domestic prices, real income, and foreign interest rates. In addition, the error-correction model shows …

Persistent link: https://www.econbiz.de/10005825934

Monetary Transmission Mechanisms in Belarus

Maino, Rodolfo; Horváth, Balázs - International Monetary Fund (IMF) - 2006

-through to prices, and interest rate policy following, rather than leading, financial market developments. Our estimated monetary …

Persistent link: https://www.econbiz.de/10005825964

Decomposing Financial Risks and Vulnerabilities in Eastern Europe

Worrell, DeLisle; Maechler, Andrea M.; Mitra, Srobona - International Monetary Fund (IMF) - 2007

This paper assesses how various types of financial risk such as credit risk, market risk, and liquidity risk affect banking stability in the ten countries that joined the European Union most recently, and eight neighboring countries. It also examines how the quality of supervisory standards may...

Persistent link: https://www.econbiz.de/10005769124

Credit Growth in Sub-Saharan Africa; Sources, Risks, and Policy Responses

Khamis, May Y.; Iossifov, Plamen - International Monetary Fund (IMF) - 2009

In this paper, we analyze credit growth in Sub-Saharan Africa over the past decade focusing on the post-2002 rapid credit growth in select countries. We develop regression models of the fundamental determinants of bank credit and use them to examine whether they can fully explain developments in...

Persistent link: https://www.econbiz.de/10008528619

International Risk Sharing; Through Equity Diversification or Exchange Rate Hedging?

Matsumoto, Akito; Engel, Charles - International Monetary Fund (IMF) - 2009

Well-known empirical puzzles in international macroeconomics concern the large divergence of equilibrium outcomes for consumption across countries from the predictions of models with full risk sharing. It is commonly believed that these risk-sharing puzzles are related to another empirical...

Persistent link: https://www.econbiz.de/10008528624

Sources of Nominal Exchange Rate Fluctuations in South Africa

Gottschalk, Jan; Bhundia, Ashok - International Monetary Fund (IMF) - 2003

This paper investigates the sources of fluctuations in the rand-U.S. dollar exchange rate in 2001 and 2002 using an empirical exchange rate model which identifies aggregate supply, aggregate demand, and nominal disturbances as possible sources for exchange rate fluctuations. According to our...

Persistent link: https://www.econbiz.de/10005599306

PPP and the Balassa Samuelson Effect; The Role of the Distribution Sector

MacDonald, Ronald; Ricci, Luca Antonio - International Monetary Fund (IMF) - 2001

This paper investigates the impact of the distribution sector on the real exchange rate, controlling for the Balassa-Samuelson effect, as well as other macro variables. Long-run coefficients are estimated using a panel dynamic OLS estimator. The main result is that an increase in the...

Persistent link: https://www.econbiz.de/10005605202

Inflation Uncertainty and Relative Price Variability in WAEMU Countries

Gerling, Kerstin; Valdovinos, Carlos Fernandez - International Monetary Fund (IMF) - 2011

Using a consistent dataset and methodology for all eight member countries of the West African Economic and Monetary Union (WAEMU) from 1994 to 2009, this paper provides evidence of the two major channels for real effects of inflation: inflation uncertainty and relative price variability. In line...

Persistent link: https://www.econbiz.de/10008876598

THE EQUILIBRIUM APPROACH TO NONSTORABLE COMMODITY PRICES.

VIAENE, J-M. - Faculteit der Economische Wetenschappen, Erasmus … - 1989

Persistent link: https://www.econbiz.de/10005625448

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