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Author: Thomas Kigabo Rusuhuzwa
Publisher: Springer Nature
ISBN: 9813367466
Category : Business & Economics
Languages : en
Pages : 168
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Book Description
This book analyzes evolution of monetary policy in Rwanda since it was first implemented by the National Bank of Rwanda in 1964 when the bank was established. It contributes to the understanding of monetary policy which is formulation and implementation in different stages of development of a financial system that comprises the financial market (money market and capital market), financial intermediaries such as commercial banks, and the financial sector infrastructures such as payment systems and the credit reference bureau. The book breaks down applied empirical research on the assessment of key assumptions of a monetary targeting framework, namely the stability of money multiplier and money demand using econometrics of time series, through a number of case studies. Presenting a detailed empirical analysis of the monetary transmission mechanism, one of the most analyzed topics in central banks in advanced economies, this book is a valuable read for central bankers and other researchers of monetary policy, particularly in developing economies.
Author: Thomas Kigabo Rusuhuzwa
Publisher: Springer Nature
ISBN: 9813367466
Category : Business & Economics
Languages : en
Pages : 168
Get Book Here
Book Description
This book analyzes evolution of monetary policy in Rwanda since it was first implemented by the National Bank of Rwanda in 1964 when the bank was established. It contributes to the understanding of monetary policy which is formulation and implementation in different stages of development of a financial system that comprises the financial market (money market and capital market), financial intermediaries such as commercial banks, and the financial sector infrastructures such as payment systems and the credit reference bureau. The book breaks down applied empirical research on the assessment of key assumptions of a monetary targeting framework, namely the stability of money multiplier and money demand using econometrics of time series, through a number of case studies. Presenting a detailed empirical analysis of the monetary transmission mechanism, one of the most analyzed topics in central banks in advanced economies, this book is a valuable read for central bankers and other researchers of monetary policy, particularly in developing economies.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344062
Category : Business & Economics
Languages : en
Pages : 74
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Book Description
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Author: Mr.Hamid Reza Davoodi
Publisher: International Monetary Fund
ISBN: 1475553498
Category : Business & Economics
Languages : en
Pages : 59
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Book Description
Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong when using non-standard inference methods; (ii) when MTM is present, the precise transmission channels and their importance differ across countries; and (iii) reserve money and the policy rate, two frequently used instruments of monetary policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflation—posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union. The paper offers some suggestions for strengthening the MTM in the EAC.
Author: Laure Redifer
Publisher:
ISBN: 9781513551371
Category :
Languages : en
Pages : 119
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Book Description
This paper explores some of the key factors behind Rwanda key successes, including unique institution-building that emphasized governance and ownership; aid-fueled and government-led strategic investment in people, infrastructure, and high-yield economic activity;re-establishment and expansion of a domestic tax base; policies to reduce aid dependency by attracting private investment and bolstering exports; and a purposeful strategy to harness the economic power of gender inclusion.
Author: Joseph E. Gagnon
Publisher: Peterson Institute
ISBN: 0881326356
Category : Business & Economics
Languages : en
Pages : 301
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Book Description
Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.
Author: Edwin M Truman
Publisher: Columbia University Press
ISBN: 0881324507
Category : Business & Economics
Languages : en
Pages : 278
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Book Description
This study reviews the literature on the contribution of low inflation to economic growth and the subsequent widespread adoption of inflation targeting as a monetary policy framework. Edwin Truman addresses the challenges and risks associated with such a framework. Building on these foundations, the study focuses on two major international economic policy issues: (1) the implications of differing national regimes of inflation targeting for international economic policy cooperation; and (2) the adoption of inflation targeting by emerging-market economies which often lack stable monetary policy environments and credible policy authorities—a situation which, among other things, can complicate the use of the inflation targeting framework as the basis for IMF-supported stabilization programs.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498343694
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.
Author: Gouranga G. Das
Publisher: Springer Nature
ISBN: 9811550468
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
This volume represents a cornucopia of research studies coming out of an international conference held in Kigali, Rwanda in 2018. The essays comprise contributions on various microeconomic and macroeconomic policy angles that are crucial for a less developed economy to embark on a road to recovery to converge with the desired trajectory. The topics encompass a broad range of issues like the role of savings, capital formation, human capital, innovations, entrepreneurship, profit-shifting by multinational corporations, small and medium enterprises (SMEs), and firms’ strategies for achieving sustained and balanced growth. The chapters are organized under three major themes based on the commonality of areas that they cover: (i) Macroeconomic Constraints: Monetary Policy, Investments, and Population; (ii) Firms’ Performance, SMEs, and Role of Entrepreneurship; and (iii) Entrepreneurship and Business Performance: Strategies and Policies. It has a collection of 12 empirical studies that have an overall focus on macroeconomic policies such as savings among the rural poor; sustained investments in and development of capital markets; role of entrepreneurial sustainability; role of innovations for firms’ performance; healthcare reforms; the benefits of technology, policy incentives such as tax benefits for promoting growth, and strategic considerations such as marketing or positioning strategies; export strategies; and productivity enhancement via processing and profit sharing. With contributions from 27 authors, the studies bring forth knowledge about the factors that influence well-being via better technologies and innovations favoring productivity, firm performance, and their positive externalities in the food, nutrition, and health sectors. Given the wide-ranging coverage of top-down and bottom-up approaches and strategies for development, the book offers insights for policy interventions necessary for Rwanda’s gradual transition from agriculture to an industrial transformation via manufacturing and service-led development without smokestack industries.
Author: C. Fred Bergsten
Publisher: Peterson Institute for International Economics
ISBN: 0881327123
Category : Political Science
Languages : en
Pages : 456
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Book Description
In September 1985, emissaries of the world's five leading industrial nations—the United States, Britain, France, Germany, and Japan—secretly gathered at the Plaza Hotel in New York City and unveiled an unprecedented effort to correct the largest set of current account and exchange rate imbalances that had ever threatened the world economy. The Plaza Accord is credited with sharply realigning exchange rates, significantly reducing current account imbalances, and countering protectionist pressures in the United States. But did the Accord provide a foundation for ongoing international financial stability and policy coordination? Or was it simply a unique one-time coincidence of national interests? The Plaza experience continues to inform today's debates about the limits and possibilities of international monetary cooperation. In late 2015, leading policymakers and economists—including those who were involved in the Accord's design, negotiation, and implementation—held a Plaza Retrospective conference at the Baker Institute for Public Policy to evaluate the Accord's legacy and how its collaborative spirit can be applied today. This volume presents their views and analyses to provide guidance for a time when the world again faces the prospect of currency disequilibria, growing imbalances, trade policy reactions, and thus uncertainty for both the global economy and world politics.
Author: Aissatou Diallo
Publisher: International Monetary Fund
ISBN: 1589068548
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
Many Sub-Saharan African (SSA) countries, like Benin, have scaled up public investment during the last decade. Such a strategy contributed to the improvement of infrastructure, but also to a build-up of debt vulnerabilities. Looking forward, the planned fiscal consolidation will result in some restraint of public spending, and, in particular, public investment. In this context, maintaining or even raising the region’s economic growth will require an offset by the private sector. The analysis draws lessons from countries that have successfully transitioned from public investment to private investment-led growth using a global sample starting in the mid-1980s. These lessons highlight policies that have been crucial in fostering a rebound of private investment in the wake of a contraction of public investment. The analytical framework proposed by Hausman, Rodrik and Velasco (2005) is used to identify and classify such policies. Finally, the paper analyses how the identified policies could help Benin achieving a smooth transition from public to private sector-led growth.
