Advanced Search
MyIDEAS: Login to save this paper or follow this series

Excès de liquidité systémique et effectivité de la politique monétaire : cas des pays de la CEMAC
[Excess liquidity and monetary policy effectiveness: The case of CEMAC countries]

Contents:

Author Info

  • KAMGNA, Severin Yves
  • Ndambendia, Houdou

Abstract

The excess of banks liquidity in the CEMAC zone, following the banking restructuring, brought the monetary authorities to undertake a certain number of reforms. The object of this article is, besides the determination of the explanatory factors of the excess of banks liquidity, to appreciate the efficiency of the transmission mechanisms of the monetary policy. It is evident from results of the evaluation that this phenomenon depends strongly on the economic and financial structures of every CEMAC’s country. To the level of the zone, only the credit to the private sector could reduce the liquidity in excess. In the same way, this situation reduces the efficiency of the monetary channel. This inefficiency of the monetary channel explains itself by the weak adjustment of the rate of the inter-bank market following an expansive monetary policy. These results confirms the necessity for the monetary authorities to implement actions aiming to increase the offer of credit to the private sector.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://mpra.ub.uni-muenchen.de/9599/
File Function: original version
Download Restriction: no

Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9599.

as in new window
Length:
Date of creation: 30 Jun 2008
Date of revision:
Handle: RePEc:pra:mprapa:9599

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

Related research

Keywords: surliquidité; politique monétaire; réserves bancaires; liquidité bancaire; stérilisation;

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Abdelaziz Rouabah, 2007. "Mesure de la vulnérabilité du secteur bancaire luxembourgeois," BCL working papers 24, Central Bank of Luxembourg.
  2. Jérôme Vacher & Samer Y. Saab, 2007. "Banking Sector Integration and Competition in CEMAC," IMF Working Papers 07/3, International Monetary Fund.
  3. Ayse Ertugrul & Jerome Hericourt & Julien Reynaud, 2005. "Fonction de reaction et politique monetaire en changes fixes : une nouvelle formulation appliquee a la Turquie," Economie Internationale, CEPII research center, issue 103, pages 97-119.
  4. P.R. Agenor & J. Aizenman & A. Hoffmaister, 2000. "The Credit Crunch in East Asia: What can Bank Excess Liquid Assets Tell us?," NBER Working Papers 7951, National Bureau of Economic Research, Inc.
  5. International Monetary Fund, 2007. "Implications of Oil Inflows for Savings and Reserve Management in the Cemac," IMF Working Papers 07/243, International Monetary Fund.
  6. Gauti B. Eggertsson & Jonathan David Ostry, 2005. "Does Excess Liquidity Pose a Threat in Japan?," IMF Policy Discussion Papers 05/5, International Monetary Fund.
  7. Benoît Mojon & Virginie Coudert & Fernando Barran, 1995. "Transmission de la politique monétaire et crédit bancaire. Une application à trois pays de l'OCDE," Revue économique, Presses de Sciences-Po, vol. 0(2), pages 393-413.
  8. Francis Y. Kumah, 2007. "A Markov-Switching Approach to Measuring Exchange Market Pressure," IMF Working Papers 07/242, International Monetary Fund.
  9. Inese Buzeneca & Rodolfo Maino, 2007. "Monetary Policy Implementation," IMF Working Papers 07/7, International Monetary Fund.
  10. Baltensperger, Ernst, 1974. "The Precautionary Demand for Reserves," American Economic Review, American Economic Association, vol. 64(1), pages 205-10, March.
  11. Christopher Adam & Stephen O'Connell & Edward Buffie & Catherine Pattillo, 2009. "Monetary Policy Rules for Managing Aid Surges in Africa," Review of Development Economics, Wiley Blackwell, vol. 13(s1), pages 464-490, 08.
  12. Magnus Saxegaard, 2006. "Excess Liquidity and the Effectiveness of Monetary Policy," IMF Working Papers 06/115, International Monetary Fund.
  13. Gouteron, S. & Szpiro, D., 2005. "Excès de liquidité monétaire et prix des actifs," Working papers 131, Banque de France.
  14. Eduardo Levy Yeyati & Alain Ize & Miguel A. Kiguel, 2005. "Managing Systemic Liquidity Risk in Financially Dollarized Economies," IMF Working Papers 05/188, International Monetary Fund.
  15. Poole, William, 1976. "A Proposal for Reforming Bank Reserve Requirements in the United States," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 8(2), pages 137-47, May.
  16. Emilio Sacerdoti, 2005. "Access to Bank Credit in Sub-Saharan Africa," IMF Working Papers 05/166, International Monetary Fund.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:9599. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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