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The Monetary Transmission Mechanism in the Tropics: A Case Study Approach

Author

Listed:
  • Andrew Berg
  • Luisa Charry
  • Rafael Portillo
  • Jan Vlcek

Abstract

Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels of monetary transmission in such countries. Here we take a case study approach and centre on a significant tightening of monetary policy that took place in 2011 in four members of the East African Community: Kenya, Uganda, Tanzania and Rwanda. We find evidence of the transmission mechanism in most of the countries. Variations across countries can be explained mainly by differences in the policy regime.

Suggested Citation

  • Andrew Berg & Luisa Charry & Rafael Portillo & Jan Vlcek, 2019. "The Monetary Transmission Mechanism in the Tropics: A Case Study Approach," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 28(3), pages 225-251.
  • Handle: RePEc:oup:jafrec:v:28:y:2019:i:3:p:225-251.
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    File URL: http://hdl.handle.net/10.1093/jae/ejy022
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    Cited by:

    1. Abuka, Charles & Alinda, Ronnie K. & Minoiu, Camelia & Peydró, José-Luis & Presbitero, Andrea F., 2019. "Monetary policy and bank lending in developing countries: Loan applications, rates, and real effects," Journal of Development Economics, Elsevier, vol. 139(C), pages 185-202.

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