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Monetary policy for small emerging market economies: the way forward

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  • Michael Chibba

Abstract

Discretionary monetary policy for small emerging market economies, especially in Sub-Saharan Africa, can benefit from closer scrutiny and strengthening through appropriate and incmacfemntal policies. Field research and related analysis challenge the conventional wisdom on the relationship between interest rates and inflation. Lessons learned suggest that monetary policy needs to be tempered to prevailing social, cultural, and socio-economic factors. In addition, access to credit through financial inclusion policies and programmes needs to be addressed, and the overarching role of good governance cannot be overlooked. Given the broad scope of weaknesses inherent in monetary policy-making (and the systems that support it) in small emerging market economies such as Botswana's, two options are available to tackle the problems: either monetary union should be adopted or incmacfemntal new directions to the status quo are required.

Suggested Citation

  • Michael Chibba, 2008. "Monetary policy for small emerging market economies: the way forward," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 1(2), pages 299-306.
    • Handle: RePEc:taf:macfem:v:1:y:2008:i:2:p:299-306
    DOI: 10.1080/17520840802252894
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    References listed on IDEAS

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    1. Benjamin Friedman, 2008. "Monetary policy for emerging market economies: beyond inflation targeting," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 1(1), pages 1-12.
    2. Friedman, Benjamin Morton, 2008. "Monetary Policy for Emerging Market Economies: Beyond Inflation Targeting," Scholarly Articles 10886841, Harvard University Department of Economics.
    3. Ketlogetswe, C. & Mothudi, T.H. & Mothibi, J., 2007. "Effectiveness of Botswana's policy on rural electrification," Energy Policy, Elsevier, vol. 35(2), pages 1330-1337, February.
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    Cited by:

    1. Michael Chibba, 2008. "Debate: Asia Rising—The Demise of the Neo-Liberal Model of Governance, Economic Management and Public Money," Public Money & Management, Taylor & Francis Journals, vol. 28(6), pages 334-335, December.

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