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Central bank policy and determination of prices: the case of Kenya and Côte d'Ivoire


  • David Fielding


This paper explores the link between government borrowing, monetary expansion and inflation in several African countries. It appears that although in the long run almost all government debt is monetized, monetary expansion is cushioned from short run variability in government borrowing, and hence the rate of growth of prices is more stable than would otherwise be the case. Some central banks are better at cushioning the money supply than others, and the paper provides an explores the mechanisms which account for this difference.

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  • David Fielding, 1994. "Central bank policy and determination of prices: the case of Kenya and Côte d'Ivoire," CSAE Working Paper Series 1994-06, Centre for the Study of African Economies, University of Oxford.
  • Handle: RePEc:csa:wpaper:1994-06

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