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Financial Architecture and the Monetary Transmission Mechanism in Tanzania

  • Peter Montiel
  • Christopher Adam
  • Wilfred Mbowe
  • Stephen O’Connell

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.

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Paper provided by Centre for the Study of African Economies, University of Oxford in its series CSAE Working Paper Series with number 2012-03.

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Date of creation: 2012
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Handle: RePEc:csa:wpaper:2012-03
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  1. Antonio Spilimbergo & Paola Giuliano & Prachi Mishra, 2010. "Democracy and Reforms; Evidence from a New Dataset," IMF Working Papers 10/173, International Monetary Fund.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
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