Financial Architecture and the Monetary Transmission Mechanism in Tanzania
AbstractIn 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.ï¿½
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Bibliographic InfoPaper provided by Centre for the Study of African Economies, University of Oxford in its series CSAE Working Paper Series with number 2012-03.
Date of creation: 2012
Date of revision:
Other versions of this item:
- Christopher Adam & Peter Montiel, 2012. "Financial Architecture and the Monetary Transmission Mechanism in Tanzania," Economics Series Working Papers WPS/2012-03, University of Oxford, Department of Economics.
- NEP-ALL-2012-05-08 (All new papers)
- NEP-MAC-2012-05-08 (Macroeconomics)
- NEP-MON-2012-05-08 (Monetary Economics)
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