The special challenges faced by central banks in emerging market economies in conducting monetary policy are examined. In addition to sharing the same problems confronted by their counterparts in advanced economies – including most profoundly time inconsistency and model uncertainty – they...

The study explores the causal relationship between monetary policy effectiveness andfinancial inclusion in developed and under-developed countries. Structural Vector Autoregressivetechniques have been inducted to explore the relationship between monetary policy effectiveness and financial...