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Excess liquidity and effectiveness of monetary policy : evidence from Sub-Saharan Africa /
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 exce...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund, African Dept.,
2006.
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| Colección: | IMF working paper ;
WP/06/115. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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 exceed levels required for precautionary purposes. It proposes a methodology for measuring this quantity and uses it to estimate a nonlinear structural VAR model for the CEMAC region, Nigeria and Uganda. The study suggests that excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy. |
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| Notas: | Title from title screen (viewed October 6, 2009). "May 2006." |
| Descripción Física: | 1 online resource (50 pages) : illustrations |
| Bibliografía: | Includes bibliographical references (pages 47-50). |
| ISBN: | 1283513943 9781283513944 1451909098 9781451909098 1451863756 9781451863758 1462336698 9781462336692 1452783446 9781452783444 9786613826398 6613826391 |
| ISSN: | 2227-8885 ; |