IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/111558.html
   My bibliography  Save this paper

Central Banks’ responses to the Covid-19 pandemic: The case of the Bank of Central African States

Author

Listed:
  • Asongu, Simplice
  • Ojong, Nathanael
  • Soumtang, Valentine

Abstract

This study explores the responses to the COVID-19 pandemic by the Bank of Central African States (BEAC), which is the central bank for countries in the Central African Economic and Monetary Community (CEMAC), that is, Cameroon, Chad, Gabon, Equatorial Guinea, Central African Republic, and the Republic of Congo. While hitherto, BEAC had fundamentally focused on fighting inflation and promoting monetary integration and financial stability in its member states, the COVID-19 pandemic, among other factors, has motivated it to also shift its policies towards targeted credit programmes and more economic growth. This study sheds light on four core aspects: (i) the socio-economic context of the CEMAC region prior to the COVID-19 pandemic, (ii) BEAC as a lender of last resort, (iii) historical, contemporary, and future insights surrounding targeted credit programmes, and (iv), suggestions for the path forward in terms of reforms, with emphasis on inclusive growth and monitoring economic development at the regional level.

Suggested Citation

  • Asongu, Simplice & Ojong, Nathanael & Soumtang, Valentine, 2021. "Central Banks’ responses to the Covid-19 pandemic: The case of the Bank of Central African States," MPRA Paper 111558, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:111558
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/111558/1/MPRA_paper_111558.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Vanessa S. Tchamyou & Simplice A. Asongu, 2017. "Information Sharing and Financial Sector Development in Africa," Journal of African Business, Taylor & Francis Journals, vol. 18(1), pages 24-49, January.
    2. Elgin, Ceyhun & Yalaman, Abdullah & Yasar, Sezer & Basbug, Gokce, 2021. "Economic policy responses to the COVID-19 pandemic: The role of central bank independence," Economics Letters, Elsevier, vol. 204(C).
    3. International Monetary Fund, 2019. "Gabon: Selected Issues," IMF Staff Country Reports 2019/390, International Monetary Fund.
    4. Patricia C. Mosser, 2020. "Central bank responses to COVID-19," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 55(4), pages 191-201, October.
    5. Vanessa S. Tchamyou, 2019. "The Role of Information Sharing in Modulating the Effect of Financial Access on Inequality," Journal of African Business, Taylor & Francis Journals, vol. 20(3), pages 317-338, July.
    6. Nchanji, Eileen Bogweh & Lutomia, Cosmas Kweyu & Chirwa, Rowland & Templer, Noel & Rubyogo, Jean Claude & Onyango, Patricia, 2021. "Immediate impacts of COVID-19 pandemic on bean value chain in selected countries in sub-Saharan Africa," Agricultural Systems, Elsevier, vol. 188(C).
    7. Antoine Ngakosso, 2016. "Monetary Policy and Financial Stability: A CEMAC Zone Case Study," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(7), pages 244-244, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Simplice A. Asongu & Nathanael Ojong & Valentine B. Soumtang, 2021. "Central Banks’ responses to the Covid-19 pandemic: The case of the Bank of Central African States," Working Papers of the African Governance and Development Institute. 21/076, African Governance and Development Institute..
    2. Simplice A. Asongu & Nicholas M. Odhiambo, 2020. "Insurance Policy Thresholds for Economic Growth in Africa," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 32(3), pages 672-689, July.
    3. Sam Z. Njinyah & Simplice A. Asongu, 2023. "Unregistered Firms, Financial Access and Innovation," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 32(2), pages 307-346, July.
    4. Simplice A. Asongu & Tii N. Nchofoung, 2021. "The terrorism-finance nexus contingent on globalisation and governance dynamics in Africa," Research Africa Network Working Papers 21/016, Research Africa Network (RAN).
    5. Simplice A. Asongu & Joseph I. Uduji & Elda N. Okolo-Obasi, 2020. "Drivers and persistence of death in conflicts: global evidence," Working Papers 20/066, European Xtramile Centre of African Studies (EXCAS).
    6. Tchamyou, Vanessa S. & Erreygers, Guido & Cassimon, Danny, 2019. "Inequality, ICT and financial access in Africa," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 169-184.
    7. Simplice A. Asongu & Mushfiqur Rahman & Mohammad Alghababsheh, 2022. "Information Technology, Business Sustainability and Female Economic Participation in Sub-Saharan Africa," Working Papers 22/057, European Xtramile Centre of African Studies (EXCAS).
    8. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "Economic Development Thresholds for a Green Economy in Sub-Saharan Africa," Working Papers of the African Governance and Development Institute. 19/010, African Governance and Development Institute..
    9. Uchenna Efobi & Simplice Asongu & Ibukun Beecroft, 2018. "Aid, Terrorism, and Foreign Direct Investment: Empirical Insight Conditioned on Corruption Control," International Economic Journal, Taylor & Francis Journals, vol. 32(4), pages 610-630, October.
    10. Simplice Asongu & Nicholas Odhiambo, 2020. "Thresholds of income inequality that mitigate the role of gender inclusive education in promoting gender economic inclusion in sub-Saharan Africa," Social Responsibility Journal, Emerald Group Publishing Limited, vol. 17(1), pages 106-126, January.
    11. Simplice Asongu & Rexon Nting, 2020. "The comparative economics of financial access in gender economic inclusion," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, vol. 12(2), pages 193-207, December.
    12. Simplice A. Asongu & Valentine B. Soumtang & Ofeh M. Edoh, 2021. "Financial determinants of informal financial development in Sub-Saharan Africa," Research Africa Network Working Papers 21/077, Research Africa Network (RAN).
    13. Asongu, Simplice A. & Nnanna, Joseph & Acha-Anyi, Paul N., 2020. "Finance, inequality and inclusive education in Sub-Saharan Africa," Economic Analysis and Policy, Elsevier, vol. 67(C), pages 162-177.
    14. Abdulqadir, Idris A. & Asongu, Simplice A., 2022. "The asymmetric effect of internet access on economic growth in sub-Saharan Africa," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 44-61.
    15. Simplice A. Asongu & Joseph Nnanna & Paul N. Acha-Anyi, 2021. "The Openness Hypothesis in the Context of Economic Development in Sub-Saharan Africa: The Moderating Role of Trade Dynamics on FDI," The International Trade Journal, Taylor & Francis Journals, vol. 35(4), pages 336-359, July.
    16. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "Size, efficiency, market power, and economies of scale in the African banking sector," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-22, December.
    17. Simplice A. Asongu & Joseph Nnanna, 2020. "Governance and the Capital Flight Trap in Africa," Working Papers of the African Governance and Development Institute. 20/024, African Governance and Development Institute..
    18. Simplice A. Asongu & Nicholas M. Odhiambo, 2022. "The of role economic growth in modulating mobile connectivity dynamics for financial inclusion in developing countries," Working Papers of the African Governance and Development Institute. 22/013, African Governance and Development Institute..
    19. Pamela E. Ofori & Simplice A. Asongu & Vanessa S. Tchamyou, 2021. "The Synergy between Governance and Economic Integration in Promoting Female Economic Inclusion in Sub-Saharan Africa," Working Papers 21/071, European Xtramile Centre of African Studies (EXCAS).
    20. Asongu, Simplice A. & Adegboye, Alex & Ejemeyovwi, Jeremiah & Umukoro, Olaoluwa, 2021. "The mobile phone technology, gender inclusive education and public accountability in Sub-Saharan Africa," Telecommunications Policy, Elsevier, vol. 45(4).

    More about this item

    Keywords

    Covid-19 pandemic; monetary policy; central bank responses; CEMAC; BEAC;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:111558. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.