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Financial Architecture and the Monetary Transmission Mechanism in Tanzania

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  • Peter Montiel
  • Christopher Adam
  • Wilfred Mbowe
  • Stephen O’Connell

Abstract

In the vast majority of low-income countries, financing and political constraints have traditionally impaired the usefulness of fiscal policy as a short-run stabilization device. Indeed, it is widely recognized that fiscal policy in such countries has very often tended to be pro-cyclical. While fiscal dominance has also impaired the effectiveness of monetary policy, this situation has been changing, as many low-income countries have increased the independence of their central banks. These newly-independent central banks have taken center stage in the conduct of short-run macroeconomic stabilization in such countries, not just because they are in a position to exploit the traditional flexibility advantage of monetary policy, but also because they tend to be the primary locus of macroeconomic expertise in low-income countries.�

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Paper provided by Centre for the Study of African Economies, University of Oxford in its series CSAE Working Paper Series with number 2012-03.

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Date of creation: 2012
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Handle: RePEc:csa:wpaper:2012-03

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  1. Roe, Alan R & Sowa, Nii K, 1997. "From Direct to Indirect Monetary Control in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 212-64, March.
  2. Carlo Cottarelli & Angeliki Kourelis, 1994. "Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy," IMF Staff Papers, Palgrave Macmillan, vol. 41(4), pages 587-623, December.
  3. Fabio C. Bagliano & Carlo A. Favero, . "Measuring Monetary Policy with VAR Models: an Evaluation," Working Papers 132, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  4. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
  5. Sm ali Abbas & Yuri v. Sobolev, 2009. "High And Volatile Treasury Yields In Tanzania: The Role Of Strategic Bidding And Auction Microstructure," South African Journal of Economics, Economic Society of South Africa, vol. 77(2), pages 257-281, 06.
  6. Angeliki Kourelis & Carlo Cottarelli, 1994. "Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy," IMF Working Papers 94/39, International Monetary Fund.
  7. Jeremy C. Stein & Anil K. Kashyap, 2000. "What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?," American Economic Review, American Economic Association, vol. 90(3), pages 407-428, June.
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Cited by:
  1. Mishra, Prachi & Montiel, Peter, 2013. "How effective is monetary transmission in low-income countries? A survey of the empirical evidence," Economic Systems, Elsevier, vol. 37(2), pages 187-216.

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