Does Financial Development Explain the Cyclicality of Monetary Policy in Sub-saharan Africa?
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2005.
"When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies,"
NBER Chapters, in: NBER Macroeconomics Annual 2004, Volume 19, pages 11-82,
National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2004. "When it rains, it pours: Procyclical capital flows and macroeconomic policies," MPRA Paper 13883, University Library of Munich, Germany.
- Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Vegh, 2004. "When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Working Papers 10780, National Bureau of Economic Research, Inc.
- Marianne Baxter & Robert G. King, 1999.
"Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series,"
The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
- Marianne Baxter & Robert G. King, 1995. "Measuring Business Cycles Approximate Band-Pass Filters for Economic Time Series," NBER Working Papers 5022, National Bureau of Economic Research, Inc.
- Tom Doan, "undated". "BKFILTER: RATS procedure to implement band pass filter using Baxter-King method," Statistical Software Components RTS00026, Boston College Department of Economics.
- Mark Aguiar & Gita Gopinath, 2007.
"Emerging Market Business Cycles: The Cycle Is the Trend,"
Journal of Political Economy, University of Chicago Press, vol. 115(1), pages 69-102.
- Mark Aguiar & Gita Gopinath, 2004. "Emerging market business cycles: the cycle is the trend," Working Papers 04-4, Federal Reserve Bank of Boston.
- Aguiar, Mark & Gopinath, Gita, 2007. "Emerging Market Business Cycles: The Cycle is the Trend," Scholarly Articles 11988098, Harvard University Department of Economics.
- Mark Aguiar & Gita Gopinath, 2004. "Emerging Market Business Cycles: The Cycle is the Trend," NBER Working Papers 10734, National Bureau of Economic Research, Inc.
- Agénor, Pierre-Richard & Aynaoui, Karim El, 2010.
"Excess liquidity, bank pricing rules, and monetary policy,"
Journal of Banking & Finance, Elsevier, vol. 34(5), pages 923-933, May.
- Pierre-Richard Agénor & Karim El Aynaoui, 2008. "Excess Liquidity, Bank Pricing Rules, and Monetary Policy," Centre for Growth and Business Cycle Research Discussion Paper Series 105, Economics, The University of Manchester.
- Duncan, Roberto, 2014.
"Institutional quality, the cyclicality of monetary policy and macroeconomic volatility,"
Journal of Macroeconomics, Elsevier, vol. 39(PA), pages 113-155.
- Roberto Duncan, 2013. "Institutional quality, the cyclicality of monetary policy and macroeconomic volatility," Globalization Institute Working Papers 163, Federal Reserve Bank of Dallas.
- Talvi, Ernesto & Vegh, Carlos A., 2005. "Tax base variability and procyclical fiscal policy in developing countries," Journal of Development Economics, Elsevier, vol. 78(1), pages 156-190, October.
- Lubik, Thomas A. & Schorfheide, Frank, 2007.
"Do central banks respond to exchange rate movements? A structural investigation,"
Journal of Monetary Economics, Elsevier, vol. 54(4), pages 1069-1087, May.
- Thomas Lubik & Frank Schorfheide, 2003. "Do Central Banks Respond to Exchange Rate Movements? A Structural Investigation," Economics Working Paper Archive 505, The Johns Hopkins University,Department of Economics.
- Tom Doan, "undated". "RATS program to solve Lubik-Schorfheide JME 2007 DSGE model," Statistical Software Components RTZ00111, Boston College Department of Economics.
- Carlos A. Vegh & Guillermo Vuletin, 2013.
"Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets,"
World Scientific Book Chapters, in: Douglas D Evanoff & Cornelia Holthausen & George G Kaufman & Manfred Kremer (ed.), The Role of Central Banks in Financial Stability How Has It Changed?, chapter 6, pages 105-129,
World Scientific Publishing Co. Pte. Ltd..
- Carlos A. Vegh & Guillermo Vuletin, 2012. "Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets," NBER Working Papers 18175, National Bureau of Economic Research, Inc.
- M. Hashem Pesaran, 2021.
"General diagnostic tests for cross-sectional dependence in panels,"
Empirical Economics, Springer, vol. 60(1), pages 13-50, January.
- Pesaran, M.H., 2004. "‘General Diagnostic Tests for Cross Section Dependence in Panels’," Cambridge Working Papers in Economics 0435, Faculty of Economics, University of Cambridge.
- Pesaran, M. Hashem, 2004. "General Diagnostic Tests for Cross Section Dependence in Panels," IZA Discussion Papers 1240, Institute of Labor Economics (IZA).
- M. Hashem Pesaran, 2004. "General Diagnostic Tests for Cross Section Dependence in Panels," CESifo Working Paper Series 1229, CESifo.
- Yossi Yakhin, 2008. "Financial Integration And Cyclicality Of Monetary Policy In Small Open Economies," Working Papers 0811, Ben-Gurion University of the Negev, Department of Economics.
- Ethan Ilzetzki & Carlos A. Vegh, 2008. "Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?," NBER Working Papers 14191, National Bureau of Economic Research, Inc.
- Michael Woodford, 2001. "The Taylor Rule and Optimal Monetary Policy," American Economic Review, American Economic Association, vol. 91(2), pages 232-237, May.
- Mr. Donal McGettigan & Mr. Kenji Moriyama & Mr. Jean F Noah Ndela Ntsama & Mr. Francois Painchaud & Mr. Haonan Qu & Mr. Chad Steinberg, 2013. "Monetary Policy in Emerging Markets: Taming the Cycle," IMF Working Papers 2013/096, International Monetary Fund.
- César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2004.
"The role of credibility in the cyclical properties of macroeconomic policies in emerging economies,"
Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 140(4), pages 613-633, December.
- César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2003. "The Role of Credibility in the Cyclical Properties of Macroeconomic Policies in Emerging Economies," Working Papers Central Bank of Chile 237, Central Bank of Chile.
- Morten O. Ravn & Harald Uhlig, 2002. "On adjusting the Hodrick-Prescott filter for the frequency of observations," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 371-375.
- Carmignani, Fabrizio, 2010. "Cyclical fiscal policy in Africa," Journal of Policy Modeling, Elsevier, vol. 32(2), pages 254-267, March.
- Bobbo, Amoudou, 2016. "Régime de change et cyclicité budgétaire dans les pays africains," L'Actualité Economique, Société Canadienne de Science Economique, vol. 92(3), pages 515-544, Septembre.
- Philip R. Lane, 2003.
"Business Cycles and Macroeconomic Policy in Emerging Market Economies,"
International Finance, Wiley Blackwell, vol. 6(1), pages 89-108, March.
- Philip R. Lane, 2003. "Business Cycles and Macroeconomic Policy in Emerging Market Economies," Trinity Economics Papers 20032, Trinity College Dublin, Department of Economics.
- Kasekende Louis & Brixova Zuzana & Ndikumana Leonce, 2010. "Africa: Africa's Counter-Cyclical Policy Responses to the Crisis," Journal of Globalization and Development, De Gruyter, vol. 1(1), pages 1-22, January.
- Stan Du Plessis & Ben Smit & Federico Sturzenegger, 2007.
"The Cyclicality Of Monetary And Fiscal Policy In South Africa Since 1994,"
South African Journal of Economics, Economic Society of South Africa, vol. 75(3), pages 391-411, September.
- Stan du Plessis & Ben Smit & Federico Sturzenegger, 2007. "The cyclicality of monetary and fiscal policy in South Africa since 1994," Working Papers 12/2007, Stellenbosch University, Department of Economics.
- Stan du Plessis & Ben Smit & Federico Sturzenegger, 2008. "The Cyclicality of Monetary and Fiscal Policy in South Africa since 1994," CID Working Papers 163, Center for International Development at Harvard University.
- Itchoko motande Mondjeli mwa ndjokou, 2017. "Institutions and pro-cyclicality of fiscal policy in Sub Saharan Africa," Economics Bulletin, AccessEcon, vol. 37(2), pages 1365-1380.
- Mr. Magnus Saxegaard, 2006. "Excess Liquidity and Effectiveness of Monetary Policy: Evidence from Sub-Saharan Africa," IMF Working Papers 2006/115, International Monetary Fund.
- Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Ngomba Bodi, Francis Ghislain, 2022. "External constraint and procyclicality of monetary policy of the Bank of Central African States (BEAC)," MPRA Paper 116375, University Library of Munich, Germany.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2016.
"Do Good Institutions Promote Countercyclical Macroeconomic Policies?,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 78(5), pages 650-670, October.
- César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2012. "Do Good Institutions Promote Counter-Cyclical Macroeconomic Policies?," Documentos de Trabajo 419, Instituto de Economia. Pontificia Universidad Católica de Chile..
- César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2014. "Do Good Institutions Promote Counter-cyclical Macroeconomic Policies?," Working Papers 3, Peruvian Economic Association.
- César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2012. "Do good institutions promote counter-cyclical macroeconomic policies?," Globalization Institute Working Papers 118, Federal Reserve Bank of Dallas.
- César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel., 2010. "Institutions and Cyclical Properties of Macroeconomic Policies in the Global Economy," Documentos de Trabajo 372, Instituto de Economia. Pontificia Universidad Católica de Chile..
- Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2005.
"When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies,"
NBER Chapters, in: NBER Macroeconomics Annual 2004, Volume 19, pages 11-82,
National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2004. "When it rains, it pours: Procyclical capital flows and macroeconomic policies," MPRA Paper 13883, University Library of Munich, Germany.
- Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Vegh, 2004. "When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Working Papers 10780, National Bureau of Economic Research, Inc.
- Duncan, Roberto, 2014.
"Institutional quality, the cyclicality of monetary policy and macroeconomic volatility,"
Journal of Macroeconomics, Elsevier, vol. 39(PA), pages 113-155.
- Roberto Duncan, 2013. "Institutional quality, the cyclicality of monetary policy and macroeconomic volatility," Globalization Institute Working Papers 163, Federal Reserve Bank of Dallas.
- Sean J. Gossel & Nicholas Biekpe, 2013. "The Cyclical Relationships Between South Africa's Net Capital Inflows and Fiscal and Monetary Policies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 49(2), pages 64-83, March.
- Combes, Jean-Louis & Minea, Alexandru & Sow, Moussé, 2017.
"Is fiscal policy always counter- (pro-) cyclical? The role of public debt and fiscal rules,"
Economic Modelling, Elsevier, vol. 65(C), pages 138-146.
- Jean-Louis Combes & Alexandru Minea & Mousse Ndoye Sow, 2017. "Is fiscal policy always counter- (pro-) cyclical? The role of public debt and fiscal rules," Post-Print hal-01682627, HAL.
- Jean-Louis COMBES & Rasmané OUEDRAOGO, 2014.
"Does Pro-cyclical Aid Lead to Pro-cyclical Fiscal Policy? An Empirical Analysis for Sub-Saharan Africa,"
Working Papers
201424, CERDI.
- Jean-Louis Combes & Rasmané Ouedraogo, 2014. "Does Pro-cyclical Aid Lead to Pro-cyclical Fiscal Policy? An Empirical Analysis for Sub-Saharan Africa," Working Papers halshs-01084600, HAL.
- Jean-Louis Combes & Rasmané Ouedraogo, 2014. "Does Pro-cyclical Aid Lead to Pro-cyclical Fiscal Policy? An Empirical Analysis for Sub-Saharan Africa," CERDI Working papers halshs-01084600, HAL.
- Tolga Dağlaroğlu & Baki Demirel & Syed F. Mahmud, 2018. "Monetary policy implications of short-term capital flows in Turkey," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 45(4), pages 747-763, November.
- Michaud, Amanda & Rothert, Jacek, 2018.
"Redistributive fiscal policies and business cycles in emerging economies,"
Journal of International Economics, Elsevier, vol. 112(C), pages 123-133.
- Amanda M. Michaud & Jacek Rothert, 2017. "Redistributive Fiscal Policies and Business Cycles in Emerging Economies," Working Papers (Old Series) 1709, Federal Reserve Bank of Cleveland.
- Aurel IANCU & Dan Constantin OLTEANU, 2022.
"Procyclical and Countercyclical Fiscal Policies in Non-Euro EU Member Countries,"
Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 188-205, October.
- Iancu, Aurel & Olteanu, Dan Constantin, 2022. "Procyclical and Countercyclical Fiscal Policies in non-Euro EU Member Countries," Working Papers of National Institute for Economic Research 221220, Institutul National de Cercetari Economice (INCE).
- Ignacio Lozano-Espitia & Fernando Arias-Rodríguez & Jesus Bejarano & Andres Gonzalez & Clark Granger-Castaño & Franz Hamann & Yurany Hernández-Turca & Juan Manuel Julio-Román & Martha López & Juan C. , 2019.
"La política fiscal y la estabilización macroeconómica en Colombia,"
Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, issue 90, pages 1-60, April.
- Ignacio Lozano-Espitia & Fernando Arias-Rodríguez, Jesus Bejarano & Andres Gonzalez, Clark Granger-Castaño & Franz Hamann, Yurany Hernández-Turca & Juan Manuel Julio-Román, Martha López & Juan C. Mend, 2019. "La política fiscal y la estabilización macroeconómica en Colombia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, issue 90, pages 1-60, April.
- Bauducco, Sofia & Caprioli, Francesco, 2014.
"Optimal fiscal policy in a small open economy with limited commitment,"
Journal of International Economics, Elsevier, vol. 93(2), pages 302-315.
- Sofia Bauducco & Francesco Caprioli, 2011. "Optimal Fiscal Policy in a Small Open Economy with Limited Commitment," Working Papers Central Bank of Chile 644, Central Bank of Chile.
- Davide Furceri & Georgios Karras, 2011.
"Average Tax Rate Cyclicality in OECD Countries: A Test of Three Fiscal Policy Theories,"
Southern Economic Journal, John Wiley & Sons, vol. 77(4), pages 958-972, April.
- Furceri, Davide & Karras, Georgios, 2010. "Average tax rate cyclicality in OECD countries: A test of three fiscal policy theories," MPRA Paper 22208, University Library of Munich, Germany.
- Floro, Danvee & van Roye, Björn, 2017.
"Threshold effects of financial stress on monetary policy rules: A panel data analysis,"
International Review of Economics & Finance, Elsevier, vol. 51(C), pages 599-620.
- Floro, Danvee & van Roye, Björn, 2015. "Threshold Effects of Financial Stress on Monetary Policy Rules: A Panel Data Analysis," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112840, Verein für Socialpolitik / German Economic Association.
- van Roye, Björn & Floro, Danvee, 2017. "Threshold effects of financial stress on monetary policy rules: a panel data analysis," Working Paper Series 2042, European Central Bank.
- Brahima Coulibaly, 2012. "Monetary policy in emerging market economies: what lessons from the global financial crisis?," International Finance Discussion Papers 1042, Board of Governors of the Federal Reserve System (U.S.).
- Mr. Donal McGettigan & Mr. Kenji Moriyama & Mr. Jean F Noah Ndela Ntsama & Mr. Francois Painchaud & Mr. Haonan Qu & Mr. Chad Steinberg, 2013. "Monetary Policy in Emerging Markets: Taming the Cycle," IMF Working Papers 2013/096, International Monetary Fund.
- Håvard Halland & Michael Bleaney, 2011. "Explaining The Procyclicality of Fiscal Policy in Developing Countries," Discussion Papers 11/09, University of Nottingham, CREDIT.
- Shaig Adigozalov & Vugar Rahimov, 2015. "Institutional Quality, Cyclicality of Macroeconomic Policies and the Effects of Macroeconomic Shocks: Evidence from Transition Economies," IHEID Working Papers 23-2015, Economics Section, The Graduate Institute of International Studies.
- Araujo, Juliana D. & David, Antonio C. & van Hombeeck, Carlos & Papageorgiou, Chris, 2017. "Joining the club? Procyclicality of private capital inflows in lower income developing economies," Journal of International Money and Finance, Elsevier, vol. 70(C), pages 157-182.
- Karim Barhoumi & Reda Cherif & Mr. Nooman Rebei, 2016. "Stochastic Trends, Debt Sustainability and Fiscal Policy," IMF Working Papers 2016/059, International Monetary Fund.
More about this item
Keywords
Policy; Business-cycle; Financial Development; GMM;All these keywords.
JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jed:journl:v:43:y:2018:i:4:p:71-84. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sung Y. Park (email available below). General contact details of provider: https://edirc.repec.org/data/eccaukr.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.