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Monetary Policy Transmission in Ghana

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  • Arto Kovanen
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    Abstract

    This paper analyzes interest rate pass-through in Ghana. Time series and bank-specific data are utilized to highlight linkages between policy, wholesale market, and retail market interest rates. Our analysis shows that responses to changes in the policy interest rate are gradual in the wholesale market. Prolonged deviation in the interbank interest rate from the prime rate illustrate the challenges the Bank of Ghana faces when targeting a short-term money market interest rate. Asymmetries in the wholesale market adjustment possibly relate to monetary policy signaling, weak policy credibility, and liquidity management. In the retail market, pass-through to deposit and lending interest rates is protracted and incomplete.1

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/275.

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    Length: 32
    Date of creation: 01 Nov 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/275

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    Related research

    Keywords: Banks; Central bank policy; Financial systems; Interest rates; monetary policy; central bank; inflation; money market; monetary fund; monetary policy implementation; money market interest rate; monetary authorities; liquidity management; monetary transmission; lead; reserve requirements; inflation-targeting; monetary transmission mechanism; monetary aggregates; monetary aggregate; monetary policy framework; reserve requirement; open market operations; monetary authority; monetary targets; money demand; monetary system; monetary systems; demand for money; monetary policy regimes; monetary policy rules; monetary union; monetary policy transparency; monetary economics;

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    1. Huberto M. Ennis & Todd Keister, 2008. "Understanding monetary policy implementation," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 235-263.
    2. Claudia Kwapil & Johann Scharler, 2007. "Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability," Working Papers 118, Oesterreichische Nationalbank (Austrian Central Bank).
    3. Alexander F. Tieman, 2004. "Interest Rate Pass-Through in Romania and Other Central European Economies," IMF Working Papers 04/211, International Monetary Fund.
    4. Harald Sander & Stefanie Kleimeier, 2006. "Interest Rate Pass-Through In The Common Monetary Area Of The Sacu Countries," South African Journal of Economics, Economic Society of South Africa, vol. 74(2), pages 215-229, 06.
    5. Liu, Ming-Hua & Margaritis, Dimitri & Tourani-Rad, Alireza, 2008. "Monetary policy transparency and pass-through of retail interest rates," Journal of Banking & Finance, Elsevier, vol. 32(4), pages 501-511, April.
    6. Boris Hofmann & Paul Mizen, 2004. "Interest Rate Pass-Through and Monetary Transmission: Evidence from Individual Financial Institutions' Retail Rates," Economica, London School of Economics and Political Science, vol. 71, pages 99-123, 02.
    7. Johan Mathisen & Thierry D. Buchs, 2005. "Competition and Efficiency in Banking," IMF Working Papers 05/17, International Monetary Fund.
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