Financial Architecture and the Monetary Transmission Mechanism in Tanzania
This paper is the outcome of research collaboration between staff of the Department of Economic Research and Policy at the Bank of Tanzania and the International Growth Centre. Its objective is to develop a systematic approach to the investigation of the effectiveness of monetary transmission in low-income countries that can be applied specifically to the five EAC countries. In the vast majority of low-income countries, financing and political constraints have traditionally impaired the usefulness of fiscal policy as a short-run stabilization device. While fiscal dominance has also impaired the effectiveness of monetary policy, this situation has been changing, as many low-income countries have increased the independence of their central banks. The ability of central banks to carry out this stabilization function, however, depends on the strength and reliability of the links between the policy instruments that they control and aggregate demand – i.e., on the effectiveness of monetary transmission. Unfortunately, this effectiveness cannot be taken for granted. Using Tanzania as a case study, Peter Montiel et al. undertake a systematic exploration of this issue.
|Date of creation:||2012|
|Date of revision:|
|Contact details of provider:|| Postal: Manor Road, Oxford, OX1 3UQ|
Phone: +44-(0)1865 271084
Fax: +44-(0)1865 281447
Web page: http://www.csae.ox.ac.uk/
More information through EDIRC
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.:
- Antonio Spilimbergo & Paola Giuliano & Prachi Mishra, 2010.
"Democracy and Reforms; Evidence from a New Dataset,"
IMF Working Papers
10/173, International Monetary Fund.
- Paola Giuliano & Prachi Mishra & Antonio Spilimbergo, 2013. "Democracy and Reforms: Evidence from a New Dataset," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 179-204, October.
- Paola Giuliano & Prachi Mishra & Antonio Spilimbergo, 2012. "Democracy and Reforms: Evidence from a New Dataset," NBER Working Papers 18117, National Bureau of Economic Research, Inc.
- Paola Giuliano & Prachi Mishra & Antonio Spilimbergo, 2011. "Democracy and Reforms: Evidence from a New Dataset," CARF F-Series CARF-F-247, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
- Angeliki Kourelis & Carlo Cottarelli, 1994. "Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy," IMF Working Papers 94/39, International Monetary Fund.
- Jeremy C. Stein & Anil K. Kashyap, 2000. "What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?," American Economic Review, American Economic Association, vol. 90(3), pages 407-428, June.
- Roe, Alan R & Sowa, Nii K, 1997. "From Direct to Indirect Monetary Control in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 212-64, March.
- Carlo Cottarelli & Angeliki Kourelis, 1994. "Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy," IMF Staff Papers, Palgrave Macmillan, vol. 41(4), pages 587-623, December.
- Bagliano, Fabio C. & Favero, Carlo A., 1998.
"Measuring monetary policy with VAR models: An evaluation,"
European Economic Review,
Elsevier, vol. 42(6), pages 1069-1112, June.
- Bagliano, Fabio-Cesare & Favero, Carlo A., 1997. "Measuring Monetary Policy with VAR Models: An Evaluation," CEPR Discussion Papers 1743, C.E.P.R. Discussion Papers.
- Fabio C. Bagliano & Carlo A. Favero, . "Measuring Monetary Policy with VAR Models: an Evaluation," Working Papers 132, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Sm ali Abbas & Yuri v. Sobolev, 2009.
"High And Volatile Treasury Yields In Tanzania: The Role Of Strategic Bidding And Auction Microstructure,"
South African Journal of Economics,
Economic Society of South Africa, vol. 77(2), pages 257-281, 06.
- Yuri Vladimirovich Sobolev & S. M. Ali Abbas, 2008. "High and Volatile Treasury Yields in Tanzania; The Role of Strategic Bidding and Auction Microstructure," IMF Working Papers 08/81, International Monetary Fund.
- Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
When requesting a correction, please mention this item's handle: RePEc:csa:wpaper:2012-03. 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: (Richard Payne)
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.